Cummins Inc. $CMI Shares Sold by LSV Asset Management

LSV Asset Management cut its stake in shares of Cummins Inc. (NYSE:CMI) by 24.5% in the 3rd quarter, Holdings Channel.com reports. The firm owned 773,273 shares of the company’s stock after selling 251,408 shares during the period. LSV Asset Management’s holdings in Cummins were worth $326,607,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Flagship Wealth Advisors LLC purchased a new position in Cummins during the 3rd quarter worth $28,000. Osterweis Capital Management Inc. purchased a new stake in shares of Cummins in the second quarter valued at about $31,000. Guerra Advisors Inc acquired a new position in shares of Cummins during the third quarter worth about $36,000. Salomon & Ludwin LLC raised its holdings in Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares in the last quarter. Finally, Tripletail Wealth Management LLC acquired a new stake in Cummins in the third quarter valued at about $39,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.41% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $599.19 on Thursday. The business’s 50-day moving average price is $546.63 and its 200 day moving average price is $466.82. 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 twelve month low of $260.02 and a twelve month high of $617.98. The company has a market capitalization of $82.71 billion, a PE ratio of 29.20, a price-to-earnings-growth ratio of 1.86 and a beta of 1.13.

Cummins (NYSE:CMI) last issued its quarterly 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 during the quarter, compared to analyst estimates of $8.09 billion. During the same quarter in the prior year, the business posted $5.16 earnings per share. Cummins’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CMI shares. UBS Group set a $565.00 price target on Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Barclays upped their target price on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Argus set a $696.00 price target on shares of Cummins in a research report on Tuesday. Finally, JPMorgan Chase & Co. boosted their price target on Cummins from $485.00 to $580.00 and gave the stock 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 issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $588.93.

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.