Dover Advisors LLC Lowers Position in Cummins Inc. $CMI

Dover Advisors LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 26.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 775 shares of the company’s stock after selling 275 shares during the period. Dover Advisors LLC’s holdings in Cummins were worth $254,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Fox Run Management L.L.C. purchased a new position in shares of Cummins during the 1st quarter valued at about $2,749,000. Alpha Cubed Investments LLC purchased a new position in shares of Cummins during the 1st quarter valued at about $440,000. Assenagon Asset Management S.A. raised its holdings in shares of Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after buying an additional 1,114 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after buying an additional 126,362 shares in the last quarter. Finally, Artemis Investment Management LLP raised its holdings in shares of Cummins by 19.1% during the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock valued at $2,428,000 after buying an additional 1,241 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $410.84 on Monday. The firm has a market cap of $56.61 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 1.98 and a beta of 1.02. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $413.77. The stock’s 50 day simple moving average is $378.17 and its 200 day simple moving average is $337.07. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $5.26 EPS. As a group, analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a $2.00 dividend. The ex-dividend date was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio is 37.61%.

Insider Transactions at Cummins

In other news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Andrew Smith sold 6,500 shares of Cummins stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $12,790,710. This represents a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,039 shares of company stock worth $10,385,075. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of research reports. The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Robert W. Baird raised their price objective on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Citigroup raised their price target on Cummins from $380.00 to $425.00 and gave the stock a “buy” rating in a research report on Wednesday, August 6th. Finally, Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $389.29.

Cummins Company Profile

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.