Columbus Macro LLC Sells 1,665 Shares of Cummins Inc. $CMI

Columbus Macro LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 8.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 18,885 shares of the company’s stock after selling 1,665 shares during the quarter. Columbus Macro LLC’s holdings in Cummins were worth $7,976,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. BNP Paribas increased its stake in Cummins by 1.8% in the second quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after acquiring an additional 25 shares during the last quarter. Orca Wealth Management LLC increased its position in shares of Cummins by 0.6% during the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after purchasing an additional 28 shares during the last quarter. Bowman & Co S.C. raised its holdings in shares of Cummins by 1.0% during the 3rd quarter. Bowman & Co S.C. now owns 2,964 shares of the company’s stock valued at $1,259,000 after buying an additional 29 shares in the last quarter. V Square Quantitative Management LLC lifted its position in Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after buying an additional 31 shares during the last quarter. Finally, Empirical Finance LLC boosted its stake in Cummins by 0.7% in the second quarter. Empirical Finance LLC now owns 4,919 shares of the company’s stock worth $1,611,000 after buying an additional 32 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

CMI has been the topic of several research reports. Argus lifted their price target on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a report on Monday, December 15th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Finally, Wells Fargo & Company started coverage on Cummins in a research note on Thursday, November 13th. They set an “overweight” rating and a $599.00 price objective on the stock. Thirteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $492.75.

Cummins Trading Up 0.3%

Shares of CMI opened at $519.20 on Friday. The stock has a market capitalization of $71.67 billion, a P/E ratio of 26.94, a PEG ratio of 2.04 and a beta of 1.11. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $526.50. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The firm has a fifty day simple moving average of $477.48 and a two-hundred day simple moving average of $413.67.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.86 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio is presently 41.52%.

Insiders Place Their Bets

In related news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction 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 completion of the sale, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the sale, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 27,330 shares of company stock worth $12,649,764. 0.41% of the stock is currently owned by company insiders.

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.