Cummins Inc. $CMI Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 53.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,329 shares of the company’s stock after selling 4,975 shares during the quarter. Cullinan Associates Inc.’s holdings in Cummins were worth $2,329,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Thompson Investment Management Inc. purchased a new stake in shares of Cummins in the fourth quarter valued at about $26,000. Activest Wealth Management lifted its stake in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC increased its position in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins in the fourth quarter worth $27,000. Finally, Key Financial Inc boosted its stake in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after acquiring an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 0.5%

Shares of CMI traded up $3.54 during mid-day trading on Friday, hitting $676.93. The company had a trading volume of 572,903 shares, compared to its average volume of 1,073,951. The business’s 50-day simple moving average is $679.54 and its 200-day simple moving average is $609.34. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 1-year low of $334.70 and a 1-year high of $737.76. The stock has a market cap of $93.41 billion, a PE ratio of 35.13, a P/E/G ratio of 1.65 and a beta of 1.22.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.96 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Transactions at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock valued at $9,377,684 in the last ninety days. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on CMI shares. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Citigroup upped their price objective on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Barclays raised their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Wells Fargo & Company lifted their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Finally, UBS Group reiterated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $738.00.

Cummins Profile

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.