Westover Capital Advisors LLC Has $844,000 Holdings in Cummins Inc. $CMI

Westover Capital Advisors LLC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 42.0% during the 2nd quarter, Holdings Channel.com reports. The firm owned 2,576 shares of the company’s stock after selling 1,865 shares during the period. Westover Capital Advisors LLC’s holdings in Cummins were worth $844,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC increased its stake in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the period. J.W. Cole Advisors Inc. grew its holdings in Cummins by 1.9% during the 1st quarter. J.W. Cole Advisors Inc. now owns 3,464 shares of the company’s stock worth $1,086,000 after acquiring an additional 66 shares during the period. Sargent Investment Group LLC boosted its position in shares of Cummins by 47.5% in the 1st quarter. Sargent Investment Group LLC now owns 1,223 shares of the company’s stock worth $383,000 after purchasing an additional 394 shares during the last quarter. Wealth Alliance LLC lifted its stake in Cummins by 6.0% in the first quarter. Wealth Alliance LLC now owns 1,668 shares of the company’s stock valued at $523,000 after buying an additional 95 shares during the period. Finally, Los Angeles Capital Management LLC increased its stake in shares of Cummins by 7.8% in the 1st quarter. Los Angeles Capital Management LLC now owns 43,257 shares of the company’s stock valued at $13,558,000 after acquiring an additional 3,142 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on CMI. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Barclays lifted their price target on shares of Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 11th. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research note on Saturday. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Finally, Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Ten analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $445.93.

Cummins Trading Down 1.5%

CMI stock opened at $455.70 on Tuesday. The company’s 50-day simple moving average is $429.60 and its 200 day simple moving average is $377.23. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $484.84. The company has a market capitalization of $62.90 billion, a PE ratio of 21.42, a price-to-earnings-growth ratio of 2.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the prior year, the business posted $5.86 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio is presently 41.52%.

Insider Buying and Selling

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 36,820 shares of company stock valued at $16,463,263 over the last ninety days. 0.41% of the stock is owned by company insiders.

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.