Hamlin Capital Management LLC Lowers Holdings in Cummins Inc. $CMI

Hamlin Capital Management LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 3.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 523,176 shares of the company’s stock after selling 19,061 shares during the quarter. Cummins makes up 5.0% of Hamlin Capital Management LLC’s portfolio, making the stock its 4th largest holding. Hamlin Capital Management LLC owned about 0.38% of Cummins worth $220,974,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the last quarter. State Street Corp increased its holdings in shares of Cummins by 1.4% during the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after buying an additional 92,073 shares in the last quarter. Fisher Asset Management LLC increased its holdings in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after buying an additional 91,956 shares in the last quarter. Norges Bank bought a new position in shares of Cummins in the second quarter valued at approximately $505,941,000. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Cummins by 0.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock worth $649,280,000 after acquiring an additional 7,372 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. JPMorgan Chase & Co. boosted their price objective on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Truist Financial restated a “buy” rating and set a $703.00 target price (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Raymond James Financial raised their target price on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research note on Monday, February 9th. Finally, Robert W. Baird set a $580.00 price target on Cummins in a report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Stock Performance

CMI stock opened at $535.58 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The company has a 50 day moving average price of $574.09 and a 200 day moving average price of $496.58. 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 $74.00 billion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.70 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period last year, the company earned $5.16 EPS. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

About Cummins

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.