Cim Investment Management Inc. Reduces Stake in Cummins Inc. $CMI

Cim Investment Management Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 50.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,558 shares of the company’s stock after selling 2,625 shares during the quarter. Cim Investment Management Inc.’s holdings in Cummins were worth $1,080,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Livforsakringsbolaget Skandia Omsesidigt raised its holdings in Cummins by 2.9% in the 3rd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 46,840 shares of the company’s stock valued at $19,784,000 after acquiring an additional 1,300 shares during the last quarter. Camelot Portfolios LLC boosted its holdings in shares of Cummins by 10.9% during the third quarter. Camelot Portfolios LLC now owns 1,497 shares of the company’s stock worth $632,000 after purchasing an additional 147 shares during the last quarter. Hancock Whitney Corp grew its position in shares of Cummins by 126.6% in the third quarter. Hancock Whitney Corp now owns 93,303 shares of the company’s stock valued at $39,408,000 after purchasing an additional 52,132 shares during the period. Keystone Financial Group acquired a new position in Cummins in the third quarter valued at $229,000. Finally, Kestra Private Wealth Services LLC increased its stake in Cummins by 12.9% in the third quarter. Kestra Private Wealth Services LLC now owns 4,564 shares of the company’s stock valued at $1,927,000 after purchasing an additional 523 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Barclays increased their price objective on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research report on Monday, January 26th. UBS Group set a $565.00 price target on shares of Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the company a “market perform” rating in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Stock Down 0.3%

Cummins stock opened at $543.56 on Wednesday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The firm’s fifty day simple moving average is $574.30 and its 200-day simple moving average is $498.61. The company has a market capitalization of $75.10 billion, a P/E ratio of 26.49, a P/E/G ratio of 1.73 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the business posted $5.16 earnings per share. The business’s quarterly revenue was up 1.1% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio is presently 38.99%.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the transaction, the vice president owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This trade represents a 27.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is owned by company insiders.

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.