Cummins Inc. $CMI is Hamlin Capital Management LLC’s 2nd Largest Position

Hamlin Capital Management LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 9.2% during the 4th quarter, Holdings Channel reports. The firm owned 474,865 shares of the company’s stock after selling 48,311 shares during the quarter. Cummins comprises approximately 5.8% of Hamlin Capital Management LLC’s investment portfolio, making the stock its 2nd largest position. Hamlin Capital Management LLC’s holdings in Cummins were worth $242,395,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC increased its position in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after acquiring an additional 1,146 shares during the period. TD Waterhouse Canada Inc. raised its stake in Cummins by 8.2% in the 2nd quarter. TD Waterhouse Canada Inc. now owns 5,293 shares of the company’s stock worth $1,743,000 after acquiring an additional 401 shares during the last quarter. Ensign Peak Advisors Inc lifted its position in Cummins by 48.0% during the 2nd quarter. Ensign Peak Advisors Inc now owns 104,576 shares of the company’s stock worth $34,249,000 after acquiring an additional 33,923 shares during the period. Finally, Swiss National Bank lifted its position in Cummins by 7.8% during the 2nd quarter. Swiss National Bank now owns 416,978 shares of the company’s stock worth $136,560,000 after acquiring an additional 30,000 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director directly owned 34,243 shares of the company’s stock, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is currently owned by insiders.

Cummins Stock Performance

Shares of CMI stock opened at $532.73 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The stock has a market cap of $73.60 billion, a PE ratio of 25.96, a price-to-earnings-growth ratio of 1.69 and a beta of 1.12. The business has a 50-day simple moving average of $573.85 and a 200-day simple moving average of $500.87.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $5.16 earnings per share. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CMI. Raymond James Financial increased their price objective on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a report on Monday, February 9th. Barclays lifted their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Wells Fargo & Company increased their price target on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Citigroup raised their price target on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average target price of $588.93.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.