Chevy Chase Trust Holdings LLC Sells 1,493 Shares of Cummins Inc. (NYSE:CMI)

Chevy Chase Trust Holdings LLC cut its stake in Cummins Inc. (NYSE:CMI) by 2.0% in the fourth quarter, Holdings Channel.com reports. The firm owned 72,239 shares of the company’s stock after selling 1,493 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Cummins were worth $25,183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of the stock. State Street Corp boosted its holdings in Cummins by 2.1% in the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the period. Fisher Asset Management LLC boosted its holdings in Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after purchasing an additional 165,398 shares during the period. Pathway Financial Advisers LLC boosted its holdings in Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the period. FMR LLC boosted its holdings in Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock valued at $380,484,000 after purchasing an additional 9,245 shares during the period. Finally, International Assets Investment Management LLC boosted its holdings in Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares during the period. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Robert W. Baird increased their price objective on shares of Cummins from $395.00 to $407.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Bank of America upgraded shares of Cummins from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $354.00 to $358.00 in a research note on Tuesday, January 14th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, Barclays increased their price objective on shares of Cummins from $310.00 to $381.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 5th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $383.08.

Cummins Stock Up 1.2 %

Shares of NYSE:CMI opened at $373.71 on Friday. Cummins Inc. has a 12 month low of $259.06 and a 12 month high of $387.90. The company’s 50-day moving average price is $361.20 and its two-hundred day moving average price is $338.14. The company has a quick ratio of 0.79, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. The firm has a market cap of $51.38 billion, a P/E ratio of 13.27, a P/E/G ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analyst estimates of $8.06 billion. During the same quarter in the prior year, the firm earned $4.14 EPS. The company’s revenue was down 1.1% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 22.57 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Shareholders of record on Friday, February 21st will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date is Friday, February 21st. Cummins’s dividend payout ratio is currently 25.84%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.56% of the company’s stock.

Cummins 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.