Cummins Inc. $CMI Shares Sold by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.1% in the third quarter, HoldingsChannel.com reports. The fund owned 31,808 shares of the company’s stock after selling 1,353 shares during the period. Pinnacle Associates Ltd.’s holdings in Cummins were worth $16,431,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of CMI. BlackRock Inc. purchased a new position in Cummins in the second quarter worth $8,204,241,000. Bank of America Corp DE bought a new position in Cummins in the 2nd quarter valued at $1,408,353,000. Bank of New York Mellon Corp bought a new position in Cummins in the 2nd quarter valued at $973,198,000. Legal & General Group Plc bought a new position in Cummins in the 2nd quarter valued at $666,635,000. Finally, Vontobel Holding Ltd. increased its position in shares of Cummins by 1,436.1% during the 3rd quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock valued at $302,025,000 after purchasing an additional 546,613 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CMI shares. Wall Street Zen cut Cummins from a “buy” rating to a “hold” rating in a research note on Saturday. JPMorgan Chase & Co. cut their price target on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a report on Wednesday, September 23rd. Barclays reduced their price target on shares of Cummins from $760.00 to $675.00 and set an “overweight” rating for the company in a research report on Monday. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Finally, Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Thirteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $703.18.

Cummins Trading Up 2.5%

NYSE:CMI opened at $535.42 on Wednesday. Cummins Inc. has a 12 month low of $407.57 and a 12 month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm’s 50 day moving average is $551.71 and its 200 day moving average is $620.41. The stock has a market capitalization of $73.71 billion, a PE ratio of 27.36, a price-to-earnings-growth ratio of 1.38 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same period last year, the company posted $6.43 earnings per share. Cummins’s revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is currently 44.97%.

About Cummins

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.