Pittenger & Anderson Inc. Decreases Holdings in Cummins Inc. $CMI

Pittenger & Anderson Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 67.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 373 shares of the company’s stock after selling 783 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Cummins were worth $201,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cedar Mountain Advisors LLC boosted its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares during the period. Thompson Investment Management Inc. purchased a new stake in shares of Cummins during the 4th quarter valued at about $26,000. Activest Wealth Management lifted its position in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new position in Cummins during the 4th quarter worth approximately $27,000. Finally, Key Financial Inc boosted its holdings in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $676.93 on Monday. The firm’s 50 day moving average is $679.54 and its two-hundred day moving average is $609.98. The firm has a market capitalization of $93.41 billion, a P/E ratio of 35.13, a PEG ratio of 1.65 and a beta of 1.22. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 52 week low of $334.70 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm posted $5.96 earnings per share. The business’s revenue was up 2.7% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s payout ratio is 41.52%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on CMI shares. Argus increased their price objective on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Evercore reissued an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Citigroup raised their price target on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Morgan Stanley lifted their price target on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Raymond James Financial boosted their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $738.00.

Insider Buying and Selling

In other news, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 13,579 shares of company stock valued at $9,377,684. Company insiders own 0.30% of the company’s stock.

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.