Cummins Inc. (NYSE:CMI) Shares Sold by Verus Capital Partners LLC

Verus Capital Partners LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 10.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,212 shares of the company’s stock after selling 135 shares during the period. Verus Capital Partners LLC’s holdings in Cummins were worth $357,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CMI. Concurrent Investment Advisors LLC grew its holdings in shares of Cummins by 22.9% during the first quarter. Concurrent Investment Advisors LLC now owns 3,235 shares of the company’s stock valued at $953,000 after buying an additional 603 shares during the last quarter. Montag A & Associates Inc. grew its stake in Cummins by 4,316.9% during the 1st quarter. Montag A & Associates Inc. now owns 7,862 shares of the company’s stock valued at $2,317,000 after purchasing an additional 7,684 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Cummins in the first quarter valued at about $25,921,000. KCM Investment Advisors LLC raised its stake in shares of Cummins by 11.4% in the first quarter. KCM Investment Advisors LLC now owns 2,327 shares of the company’s stock worth $686,000 after purchasing an additional 238 shares during the last quarter. Finally, Tectonic Advisors LLC lifted its holdings in shares of Cummins by 14.1% during the first quarter. Tectonic Advisors LLC now owns 3,075 shares of the company’s stock worth $906,000 after purchasing an additional 381 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI stock traded up $7.53 during trading hours on Tuesday, hitting $296.46. 132,726 shares of the company’s stock were exchanged, compared to its average volume of 1,977,532. The firm has a 50 day moving average of $279.39 and a two-hundred day moving average of $271.67. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $304.24. The firm has a market cap of $40.55 billion, a P/E ratio of 21.52, a P/E/G ratio of 1.78 and a beta of 0.99. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Sell-side analysts forecast that Cummins Inc. will post 18.73 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.46%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s payout ratio is presently 49.19%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction that occurred on Friday, May 24th. The shares were purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent research reports. The Goldman Sachs Group raised their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. TD Cowen boosted their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Robert W. Baird cut their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. JPMorgan Chase & Co. boosted their price objective on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Finally, Citigroup initiated coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $287.18.

Cummins Company Profile

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.