Sylvest Advisors LLC Sells 118 Shares of Cummins Inc. (NYSE:CMI)

Sylvest Advisors LLC trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.4% during the 1st quarter, Holdings Channel reports. The fund owned 3,308 shares of the company’s stock after selling 118 shares during the period. Cummins comprises about 0.6% of Sylvest Advisors LLC’s portfolio, making the stock its 21st largest position. Sylvest Advisors LLC’s holdings in Cummins were worth $1,037,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of CMI. Norges Bank purchased a new position in Cummins in the fourth quarter worth $499,490,000. GAMMA Investing LLC grew its stake in Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock worth $373,428,000 after buying an additional 1,188,276 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Cummins in the fourth quarter valued at about $187,082,000. Vanguard Group Inc. boosted its holdings in Cummins by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock worth $5,912,830,000 after acquiring an additional 250,650 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Cummins by 15.1% during the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after acquiring an additional 246,807 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CMI shares. Evercore ISI reduced their target price on Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research note on Monday, May 19th. The Goldman Sachs Group upgraded Cummins from a “neutral” rating to a “buy” rating and raised their target price for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. UBS Group lowered Cummins from a “buy” rating to a “sell” rating and reduced their target price for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. JPMorgan Chase & Co. raised their target price on Cummins from $308.00 to $320.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Finally, Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target of $358.08.

Insider Buying and Selling

In related news, Director John H. Stone bought 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were acquired at an average cost 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 approximately $810,607.28. This trade represents a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is currently owned by insiders.

Cummins Price Performance

NYSE:CMI opened at $323.99 on Wednesday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $44.63 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 1.90 and a beta of 1.04. The stock’s 50-day moving average price is $312.43 and its 200-day moving average price is $333.79.

Cummins (NYSE:CMI) last posted its earnings results on Monday, May 5th. The company reported $5.96 EPS for the quarter, beating analysts’ consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm had revenue of $8.17 billion for the quarter, compared to analysts’ expectations of $8.22 billion. During the same period last year, the firm earned $5.08 EPS. The company’s quarterly revenue was down 2.7% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.25%. The ex-dividend date was Friday, May 23rd. Cummins’s payout ratio is 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.