Cummins Inc. $CMI Stock Position Trimmed by Weybosset Research & Management LLC

Weybosset Research & Management LLC cut its stake in Cummins Inc. (NYSE:CMI) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 39,315 shares of the company’s stock after selling 1,080 shares during the quarter. Cummins comprises approximately 6.2% of Weybosset Research & Management LLC’s holdings, making the stock its 6th largest holding. Weybosset Research & Management LLC’s holdings in Cummins were worth $20,068,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of CMI. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock worth $13,107,000 after buying an additional 2,417 shares in the last quarter. New York State Teachers Retirement System raised its holdings in shares of Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after acquiring an additional 2,305 shares in the last quarter. Bailard Inc. lifted its stake in Cummins by 7.2% in the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after acquiring an additional 4,035 shares during the period. Fisher Asset Management LLC lifted its stake in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after acquiring an additional 91,956 shares during the period. Finally, Accredited Wealth Management LLC grew its holdings in Cummins by 3,100.0% during the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after acquiring an additional 3,100 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent research reports. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Barclays increased their price objective on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Finally, Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Stock Down 0.8%

NYSE:CMI opened at $538.94 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The stock has a market capitalization of $74.46 billion, a P/E ratio of 26.26, a P/E/G ratio of 1.72 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The company’s 50-day simple moving average is $574.25 and its 200-day simple moving average is $499.20.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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 previous year, the business posted $5.16 EPS. Cummins’s revenue was up 1.1% on a year-over-year basis. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s dividend payout ratio is presently 38.99%.

Insider Activity

In related news, VP Earl Newsome sold 1,300 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This represents a 27.72% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the sale, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 31,195 shares of company stock worth $18,397,489. Company insiders own 0.41% 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.