Aventail Capital Group LP Sells 1,281 Shares of Cummins Inc. $CMI

Aventail Capital Group LP reduced its position in shares of Cummins Inc. (NYSE:CMI) by 13.7% in the 4th quarter, HoldingsChannel.com reports. The firm owned 8,083 shares of the company’s stock after selling 1,281 shares during the quarter. Aventail Capital Group LP’s holdings in Cummins were worth $4,126,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Fisher Asset Management LLC lifted its holdings in Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Accredited Wealth Management LLC lifted 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 purchasing an additional 3,100 shares during the last quarter. Payden & Rygel bought a new position in Cummins during the 3rd quarter worth $9,757,000. Jefferies Financial Group Inc. bought a new position in Cummins during the 3rd quarter worth $11,129,000. Finally, TIAA Trust National Association increased its stake in Cummins by 836.5% during the 3rd quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock worth $14,832,000 after acquiring an additional 31,367 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 2.6%

Shares of CMI opened at $718.51 on Thursday. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $733.48. The business’s fifty day moving average is $657.38 and its 200-day moving average is $588.25. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The firm has a market cap of $99.15 billion, a price-to-earnings ratio of 37.29, a PEG ratio of 1.71 and a beta of 1.23.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating 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 company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the company posted $5.96 EPS. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 29.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Activity at Cummins

In related news, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the sale, the vice president directly owned 9,447 shares in the company, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last 90 days. 0.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CMI shares. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Argus raised their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Evercore restated an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, Barclays raised their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins Company 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.