City Holding Co. Sells 1,375 Shares of Cummins Inc. $CMI

City Holding Co. decreased its holdings in Cummins Inc. (NYSE:CMI) by 7.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,005 shares of the company’s stock after selling 1,375 shares during the period. City Holding Co.’s holdings in Cummins were worth $6,760,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Motley Fool Asset Management LLC grew its position in shares of Cummins by 9.7% during the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock valued at $2,298,000 after purchasing an additional 623 shares in the last quarter. Applied Finance Capital Management LLC boosted its position in shares of Cummins by 14.4% during the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after acquiring an additional 7,656 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Cummins by 6.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after purchasing an additional 17,566 shares in the last quarter. Farther Finance Advisors LLC increased its position in Cummins by 71.3% in the third quarter. Farther Finance Advisors LLC now owns 5,884 shares of the company’s stock worth $2,485,000 after purchasing an additional 2,449 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Shares of Cummins stock opened at $522.19 on Monday. 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 stock’s fifty day moving average is $487.29 and its two-hundred day moving average is $421.17. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $526.50. The company has a market capitalization of $72.08 billion, a PE ratio of 27.10, a price-to-earnings-growth ratio of 1.82 and a beta of 1.12.

Cummins (NYSE:CMI) last issued its earnings results 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 during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business’s revenue was down 1.6% on a year-over-year basis. During the same period in the previous year, the firm earned $5.86 earnings per share. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Stockholders 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 dividend yield of 1.5%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Analyst Ratings Changes

CMI has been the topic of a number of research reports. Raymond James Financial upgraded shares of Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price on the stock in a report on Monday, December 22nd. JPMorgan Chase & Co. upped their price objective on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $475.00 target price on shares of Cummins in a report on Friday, November 7th. Barclays restated a “positive” rating on shares of Cummins in a report on Friday, December 19th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $492.75.

Insider Activity

In related news, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 19,330 shares of company stock valued at $9,135,364. Corporate insiders own 0.41% 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.