Cummins Inc. (NYSE:CMI) Shares Sold by Cullinan Associates Inc.

Cullinan Associates Inc. decreased its position in Cummins Inc. (NYSE:CMI) by 4.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,066 shares of the company’s stock after selling 504 shares during the quarter. Cullinan Associates Inc.’s holdings in Cummins were worth $3,155,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. First American Bank raised its stake in Cummins by 1.0% in the 1st quarter. First American Bank now owns 13,644 shares of the company’s stock valued at $4,277,000 after purchasing an additional 138 shares during the last quarter. PFG Investments LLC raised its stake in Cummins by 2.5% in the 1st quarter. PFG Investments LLC now owns 2,260 shares of the company’s stock valued at $708,000 after purchasing an additional 56 shares during the last quarter. Jamison Private Wealth Management Inc. raised its stake in Cummins by 9.0% in the 1st quarter. Jamison Private Wealth Management Inc. now owns 1,092 shares of the company’s stock valued at $342,000 after purchasing an additional 90 shares during the last quarter. River Street Advisors LLC increased its stake in shares of Cummins by 3.1% during the 1st quarter. River Street Advisors LLC now owns 6,373 shares of the company’s stock valued at $1,997,000 after acquiring an additional 192 shares during the last quarter. Finally, Curran Financial Partners LLC acquired a new position in shares of Cummins during the 1st quarter valued at about $309,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Wall Street Zen downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, March 25th. UBS Group downgraded shares of Cummins from a “buy” rating to a “sell” rating and dropped their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Citigroup upped their price objective on shares of Cummins from $320.00 to $350.00 and gave the company a “buy” rating in a research note on Monday, May 12th. Finally, Robert W. Baird dropped their price objective on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $357.25.

Insiders Place Their Bets

In related news, Director John H. Stone purchased 1,000 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was purchased at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.41% of the stock is owned by company insiders.

Cummins Stock Down 0.1%

CMI opened at $314.57 on Friday. The firm has a 50 day moving average price of $311.12 and a 200 day moving average price of $334.61. The company has a market cap of $43.33 billion, a PE ratio of 15.65, a price-to-earnings-growth ratio of 1.89 and a beta of 1.04. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $387.90. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.81 and a current ratio of 1.34.

Cummins (NYSE:CMI) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, topping analysts’ consensus estimates of $4.92 by $1.04. The firm had revenue of $8.17 billion during the quarter, compared to analysts’ expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. Cummins’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.08 EPS. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio is presently 36.22%.

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.