Hager Investment Management Services LLC Sells 135 Shares of Cummins Inc. $CMI

Hager Investment Management Services LLC lessened its position in Cummins Inc. (NYSE:CMI) by 45.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 160 shares of the company’s stock after selling 135 shares during the quarter. Hager Investment Management Services LLC’s holdings in Cummins were worth $52,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Orca Wealth Management LLC raised its position in Cummins by 0.6% in the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after purchasing an additional 28 shares during the period. V Square Quantitative Management LLC raised 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 purchasing an additional 31 shares during the period. Bank of Jackson Hole Trust raised its position in Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after purchasing an additional 33 shares during the period. Scotia Capital Inc. increased its position in shares of Cummins by 0.5% during the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after acquiring an additional 34 shares during the period. Finally, Van Hulzen Asset Management LLC increased its position in shares of Cummins by 1.2% during the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after acquiring an additional 34 shares during the period. 83.46% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently commented on CMI. Barclays raised their target price on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Citigroup raised their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research report on Saturday, September 27th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Finally, Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $397.43.

Insider Buying and Selling at Cummins

In related news, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,119 shares of company stock valued at $17,674,285. Company insiders own 0.41% of the company’s stock.

Cummins Trading Up 0.5%

NYSE:CMI opened at $436.53 on Thursday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51. The firm has a fifty day simple moving average of $404.89 and a 200-day simple moving average of $348.14. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $60.15 billion, a P/E ratio of 20.52, a PEG ratio of 2.10 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the firm posted $5.26 earnings per share. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. The ex-dividend date was Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s payout ratio is presently 37.61%.

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.