Wharton Business Group LLC Sells 145 Shares of Cummins Inc. (NYSE:CMI)

Wharton Business Group LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 0.2% during the third quarter, HoldingsChannel reports. The firm owned 58,841 shares of the company’s stock after selling 145 shares during the period. Cummins comprises 0.9% of Wharton Business Group LLC’s investment portfolio, making the stock its 28th biggest position. Wharton Business Group LLC’s holdings in Cummins were worth $19,502,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the second quarter valued at about $28,000. Cultivar Capital Inc. bought a new position in Cummins during the second quarter valued at about $28,000. Lynx Investment Advisory bought a new position in Cummins during the second quarter valued at about $29,000. LRI Investments LLC bought a new position in Cummins during the first quarter valued at about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins in the 3rd quarter valued at approximately $34,000. 83.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 23.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 2,163 shares of Cummins stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,540,879.47. This represents a 9.42 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,576 shares of company stock worth $9,033,945. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Citigroup upped their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Finally, Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and boosted their target price for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $334.33.

Cummins Stock Down 0.5 %

NYSE:CMI opened at $361.85 on Monday. Cummins Inc. has a 12-month low of $220.02 and a 12-month high of $370.21. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $49.64 billion, a P/E ratio of 23.90, a P/E/G ratio of 1.77 and a beta of 0.97. The stock’s fifty day simple moving average is $328.91 and its 200-day simple moving average is $301.77.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $4.73 earnings per share. Equities research analysts expect that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.01%. Cummins’s dividend payout ratio is presently 48.08%.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.