Zullo Investment Group Inc. Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

Zullo Investment Group Inc. trimmed its position in Cummins Inc. (NYSE:CMIGet Rating) by 31.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 880 shares of the company’s stock after selling 395 shares during the quarter. Zullo Investment Group Inc.’s holdings in Cummins were worth $180,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cyrus J. Lawrence LLC purchased a new stake in shares of Cummins in the first quarter worth about $25,000. Tyler Stone Wealth Management bought a new position in shares of Cummins in the first quarter worth approximately $25,000. Mystic Asset Management Inc. bought a new position in shares of Cummins in the fourth quarter worth approximately $27,000. KRS Capital Management LLC bought a new position in shares of Cummins in the fourth quarter worth approximately $30,000. Finally, Cornerstone Advisory LLC bought a new position in shares of Cummins in the fourth quarter worth approximately $40,000. 80.98% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Srikanth Padmanabhan sold 6,020 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total transaction of $1,336,500.20. Following the completion of the sale, the insider now owns 22,020 shares of the company’s stock, valued at $4,888,660.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Vice Chairman Tony Satterthwaite sold 4,866 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $230.18, for a total value of $1,120,055.88. Following the completion of the sale, the insider now owns 59,276 shares of the company’s stock, valued at $13,644,149.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Srikanth Padmanabhan sold 6,020 shares of the firm’s stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total value of $1,336,500.20. Following the completion of the sale, the insider now directly owns 22,020 shares of the company’s stock, valued at approximately $4,888,660.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 14,001 shares of company stock valued at $3,157,774. 1.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms recently weighed in on CMI. Cowen decreased their price objective on shares of Cummins from $281.00 to $267.00 in a research report on Thursday, July 7th. Citigroup upped their price objective on shares of Cummins from $220.00 to $265.00 and gave the stock a “buy” rating in a research report on Tuesday, August 16th. Cowen decreased their price objective on shares of Cummins from $281.00 to $267.00 in a research report on Thursday, July 7th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Cummins from $232.00 to $216.00 and set a “hold” rating on the stock in a research report on Wednesday, July 13th. Finally, Credit Suisse Group increased their price target on shares of Cummins from $249.00 to $266.00 and gave the company an “outperform” rating in a research report on Wednesday, August 3rd. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $241.22.

Cummins Stock Performance

NYSE:CMI opened at $218.47 on Friday. The firm has a market cap of $30.80 billion, a PE ratio of 15.30, a price-to-earnings-growth ratio of 1.39 and a beta of 1.03. Cummins Inc. has a fifty-two week low of $184.27 and a fifty-two week high of $247.48. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.66. The business has a 50 day moving average price of $213.80 and a 200-day moving average price of $205.40.

Cummins (NYSE:CMIGet Rating) last released its quarterly earnings data on Tuesday, August 2nd. The company reported $4.77 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.40. The firm had revenue of $6.59 billion during the quarter, compared to analyst estimates of $6.48 billion. Cummins had a return on equity of 23.41% and a net margin of 8.26%. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.15 earnings per share. Equities research analysts predict that Cummins Inc. will post 17.59 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were paid a dividend of $1.57 per share. This represents a $6.28 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date was Thursday, August 18th. This is a positive change from Cummins’s previous quarterly dividend of $1.45. Cummins’s dividend payout ratio is 43.98%.

Cummins Profile

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

Further Reading

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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