Cummins Inc. $CMI Shares Sold by Weybosset Research & Management LLC

Weybosset Research & Management LLC lessened its stake in Cummins Inc. (NYSE:CMI) by 3.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,935 shares of the company’s stock after selling 1,380 shares during the quarter. Cummins makes up 5.9% of Weybosset Research & Management LLC’s holdings, making the stock its 6th biggest position. Weybosset Research & Management LLC’s holdings in Cummins were worth $20,410,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CMI. Northwestern Mutual Wealth Management Co. raised its position in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. Norges Bank bought a new position in shares of Cummins in the 4th quarter valued at about $863,441,000. Boston Partners bought a new position in shares of Cummins in the 3rd quarter valued at about $473,471,000. London Co. of Virginia acquired a new position in shares of Cummins during the 3rd quarter worth about $231,732,000. Finally, SG Americas Securities LLC raised its holdings in shares of Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock valued at $396,343,000 after purchasing an additional 530,812 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have issued reports on CMI shares. Raymond James Financial upped their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Barclays increased their price objective on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Finally, Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins Stock Down 0.1%

Shares of CMI opened at $716.50 on Monday. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $737.76. The firm’s 50 day moving average is $663.00 and its 200-day moving average is $591.35. The stock has a market capitalization of $98.87 billion, a PE ratio of 37.18, a P/E/G ratio of 1.74 and a beta of 1.24. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

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. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $5.96 earnings per share. Equities research analysts forecast that Cummins Inc. will post 29.44 EPS for the current year.

Cummins Announces Dividend

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

Insider Activity

In related news, EVP Bonnie J. Fetch sold 652 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the completion of the transaction, the executive vice president owned 11,679 shares of the company’s stock, valued at $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Nathan R. Stoner sold 607 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the transaction, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. The trade was a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.

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.