Cullinan Associates Inc. Sells 1,627 Shares of Cummins Inc. $CMI

Cullinan Associates Inc. trimmed its stake in Cummins Inc. (NYSE:CMI) by 37.6% in the second quarter, HoldingsChannel.com reports. The firm owned 2,702 shares of the company’s stock after selling 1,627 shares during the period. Cullinan Associates Inc.’s holdings in Cummins were worth $1,927,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Persistent Asset Partners Ltd bought a new stake in shares of Cummins in the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC raised its position in shares of Cummins by 91.7% during the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after acquiring an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC lifted its stake in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares during the period. Activest Wealth Management lifted its stake in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the period. Finally, Wellington Shields Capital Management LLC bought a new stake in Cummins in the fourth quarter valued at approximately $27,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CMI shares. Morgan Stanley increased their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Raymond James Financial upped their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. CICC Research started coverage on shares of Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating for the company. Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Finally, Evercore restated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Twelve analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Stock Performance

Shares of CMI opened at $564.61 on Friday. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company has a market cap of $77.72 billion, a PE ratio of 28.85, a P/E/G ratio of 1.35 and a beta of 1.24. The stock has a 50-day moving average of $647.45 and a 200-day moving average of $627.90. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period last year, the company posted $6.43 earnings per share. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. On average, equities research analysts predict that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s payout ratio is currently 44.97%.

Cummins Company 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.