Wallington Asset Management LLC Sells 927 Shares of Cummins Inc. $CMI

Wallington Asset Management LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 2.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 34,352 shares of the company’s stock after selling 927 shares during the period. Cummins makes up approximately 2.5% of Wallington Asset Management LLC’s investment portfolio, making the stock its 18th biggest position. Wallington Asset Management LLC’s holdings in Cummins were worth $18,482,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Thompson Investment Management Inc. bought a new position in Cummins in the fourth quarter valued at approximately $26,000. Activest Wealth Management lifted its stake in Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the 4th quarter valued at $27,000. Birchwood Financial Partners Inc. acquired a new stake in shares of Cummins in the 4th quarter valued at $28,000. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Cummins in the 4th quarter valued at $28,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $686.26 on Monday. Cummins Inc. has a 1 year low of $322.45 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The company has a market capitalization of $94.70 billion, a price-to-earnings ratio of 35.61, a P/E/G ratio of 1.68 and a beta of 1.24. The firm’s fifty day moving average price is $672.37 and its two-hundred day moving average price is $598.34.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.96 EPS. As a group, analysts anticipate that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s dividend payout ratio is presently 41.52%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CMI. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Barclays boosted their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Argus raised their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. UBS Group reiterated a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Finally, Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $731.86.

Insider Transactions at Cummins

In other news, VP Donald G. Jackson sold 730 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer directly owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 13,579 shares of company stock worth $9,377,684. Company insiders own 0.30% of the company’s stock.

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.