Cummins Inc. $CMI Stock Holdings Decreased by Payden & Rygel

Payden & Rygel lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 51.5% during the third quarter, Holdings Channel.com reports. The firm owned 11,900 shares of the company’s stock after selling 12,620 shares during the quarter. Payden & Rygel’s holdings in Cummins were worth $6,147,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Valmark Advisers Inc. raised its holdings in Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after purchasing an additional 16 shares in the last quarter. Guardian Partners Inc. boosted its holdings in shares of Cummins by 1.0% in the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after buying an additional 16 shares in the last quarter. Legacy Financial Advisors Inc. boosted its holdings in shares of Cummins by 2.0% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock valued at $681,000 after buying an additional 19 shares in the last quarter. Sage Private Wealth Group LLC grew its position in shares of Cummins by 3.0% in the 3rd quarter. Sage Private Wealth Group LLC now owns 660 shares of the company’s stock worth $341,000 after buying an additional 19 shares during the last quarter. Finally, Ariadne Wealth Management LP grew its position in shares of Cummins by 5.1% in the 1st quarter. Ariadne Wealth Management LP now owns 415 shares of the company’s stock worth $223,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Bank of America reduced their price objective on shares of Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Evercore lowered their target price on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. DA Davidson lifted their price target on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. UBS Group reduced their price target on Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Finally, CICC Research assumed coverage on Cummins in a report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective for the company. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $694.24.

Cummins Stock Performance

Shares of Cummins stock opened at $500.75 on Friday. The company has a 50 day moving average price of $536.75 and a 200 day moving average price of $602.02. The firm has a market capitalization of $68.93 billion, a P/E ratio of 25.59, a PEG ratio of 1.37 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $426.79 and a 52 week high of $737.76.

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

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.8%. Cummins’s dividend payout ratio (DPR) is 44.97%.

Cummins Company Profile

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.