Wharton Business Group LLC Sells 1,180 Shares of Cummins Inc. $CMI

Wharton Business Group LLC decreased its holdings in Cummins Inc. (NYSE:CMI) by 2.2% during the 3rd quarter, Holdings Channel.com reports. The fund owned 52,906 shares of the company’s stock after selling 1,180 shares during the quarter. Cummins accounts for 0.9% of Wharton Business Group LLC’s investment portfolio, making the stock its 29th biggest holding. Wharton Business Group LLC’s holdings in Cummins were worth $22,346,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Cummins in the second quarter valued at approximately $505,941,000. American Century Companies Inc. raised its position in Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after buying an additional 528,689 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after acquiring an additional 488,430 shares in the last quarter. Ontario Teachers Pension Plan Board boosted its holdings in Cummins by 5,158.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after acquiring an additional 427,670 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CMI shares. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Argus set a $696.00 target price on shares of Cummins in a research report on Tuesday, February 10th. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 target price on shares of Cummins in a report on Friday, February 6th. Raymond James Financial lifted their price target on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, February 9th. Finally, Sanford C. Bernstein set a $600.00 target price on Cummins and gave the company a “market perform” rating in a research report on Friday, February 6th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Insider Activity at Cummins

In related news, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the sale, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their position. 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 stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the sale, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Performance

NYSE:CMI traded down $1.58 during trading hours on Friday, reaching $595.33. The stock had a trading volume of 58,487 shares, compared to its average volume of 995,129. The stock has a market cap of $82.25 billion, a P/E ratio of 29.05, a price-to-earnings-growth ratio of 1.87 and a beta of 1.13. The stock has a 50 day simple moving average of $556.56 and a 200 day simple moving average of $475.71. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio is presently 38.99%.

Cummins Company 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.