Cummins Inc. (CMI) Shares Sold by Stevens Capital Management LP
Stevens Capital Management LP reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 24.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 61,344 shares of the company’s stock after selling 19,447 shares during the quarter. Stevens Capital Management LP’s holdings in Cummins were worth $10,308,000 at the end of the most recent reporting period.
A number of other institutional investors also recently modified their holdings of CMI. Carroll Financial Associates Inc. increased its position in Cummins by 13.4% during the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after purchasing an additional 83 shares during the period. Northwest Investment Counselors LLC purchased a new stake in shares of Cummins in the 3rd quarter worth about $132,000. Captrust Financial Advisors purchased a new stake in shares of Cummins in the 2nd quarter worth about $137,000. Acrospire Investment Management LLC purchased a new stake in shares of Cummins in the 2nd quarter worth about $146,000. Finally, Harbour Capital Advisors LLC purchased a new stake in shares of Cummins in the 1st quarter worth about $150,000. 81.94% of the stock is currently owned by institutional investors and hedge funds.
Shares of Cummins Inc. (CMI) traded up $0.21 on Monday, reaching $173.28. 142,396 shares of the company’s stock were exchanged, compared to its average volume of 1,194,895. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57. Cummins Inc. has a twelve month low of $121.43 and a twelve month high of $181.79. The stock has a market cap of $28,724.00, a price-to-earnings ratio of 17.57, a P/E/G ratio of 1.39 and a beta of 1.16.
Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.47 by $0.24. Cummins had a net margin of 8.49% and a return on equity of 21.28%. The business had revenue of $5.29 billion during the quarter, compared to analyst estimates of $4.79 billion. During the same period last year, the firm posted $2.02 EPS. The company’s revenue was up 26.2% on a year-over-year basis. equities research analysts expect that Cummins Inc. will post 10.09 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be issued a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date is Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is currently 43.86%.
A number of analysts have recently weighed in on CMI shares. Stifel Nicolaus reaffirmed a “hold” rating and issued a $190.00 target price (up from $186.00) on shares of Cummins in a research report on Wednesday, November 1st. Buckingham Research started coverage on shares of Cummins in a research report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 target price on the stock. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $159.00 target price on shares of Cummins in a research report on Thursday, August 3rd. Deutsche Bank AG reduced their target price on shares of Cummins from $155.00 to $147.00 and set a “sell” rating on the stock in a research report on Wednesday, August 2nd. Finally, Jefferies Group LLC increased their price objective on shares of Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a research report on Wednesday, November 1st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the stock. Cummins currently has a consensus rating of “Hold” and a consensus price target of $170.28.
In related news, Director Franklin R. Changdiaz sold 1,633 shares of the firm’s stock in a transaction on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the transaction, the director now directly owns 5,814 shares of the company’s stock, valued at $925,995.78. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 0.62% of the company’s stock.
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Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.
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