Pathway Financial Advisers LLC Sells 2,524,103 Shares of Cummins Inc. (NYSE:CMI)

Pathway Financial Advisers LLC decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 99.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,766 shares of the company’s stock after selling 2,524,103 shares during the period. Pathway Financial Advisers LLC’s holdings in Cummins were worth $2,707,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. State Street Corp grew its holdings in Cummins by 2.1% in the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock worth $2,039,894,000 after purchasing an additional 126,703 shares during the period. Fisher Asset Management LLC increased its holdings in shares of Cummins by 5.8% during the third quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares in the last quarter. FMR LLC boosted its stake in Cummins by 0.8% in the 3rd quarter. FMR LLC now owns 1,175,096 shares of the company’s stock worth $380,484,000 after purchasing an additional 9,245 shares in the last quarter. International Assets Investment Management LLC grew its position in Cummins by 38,765.8% during 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 last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in Cummins by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 866,715 shares of the company’s stock valued at $280,634,000 after purchasing an additional 6,608 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.56% of the company’s stock.

Cummins Stock Down 2.3 %

CMI opened at $364.08 on Thursday. Cummins Inc. has a 1-year low of $250.90 and a 1-year high of $387.90. The firm’s 50 day simple moving average is $361.39 and its two-hundred day simple moving average is $337.92. The company has a current ratio of 1.31, a quick ratio of 0.79 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $49.94 billion, a PE ratio of 12.92, a PEG ratio of 2.10 and a beta of 1.00.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.70 by $0.46. The business had revenue of $8.45 billion during the quarter, compared to analyst estimates of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $4.14 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared 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. The ex-dividend date is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a yield of 2.00%. Cummins’s dividend payout ratio is presently 25.84%.

Wall Street Analysts Forecast Growth

CMI has been the subject of several analyst reports. Jefferies Financial Group raised their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research report on Thursday, February 6th. Robert W. Baird boosted their target price on Cummins from $395.00 to $407.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Finally, Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price target for the company from $354.00 to $358.00 in a report on Tuesday, January 14th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $383.08.

About Cummins

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.