Cummins Inc. $CMI Stock: Columbus Macro LLC Lowers Holdings

Columbus Macro LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 7.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,945 shares of the company’s stock after selling 1,215 shares during the period. Columbus Macro LLC’s holdings in Cummins were worth $7,720,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cedar Mountain Advisors LLC grew its position in shares of Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares during the period. Persistent Asset Partners Ltd bought a new stake in shares of Cummins in the 2nd quarter valued at about $26,000. Key Financial Inc lifted its stake in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. Elevation Wealth Partners LLC lifted its stake in Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares during the last quarter. Finally, Steph & Co. lifted its stake in Cummins by 112.9% in the 1st quarter. Steph & Co. now owns 66 shares of the company’s stock valued at $36,000 after purchasing an additional 35 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CMI has been the topic of a number of recent analyst reports. Morgan Stanley boosted their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Wells Fargo & Company cut their price objective on Cummins from $874.00 to $760.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. Citigroup cut their price objective on Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a research report on Monday. Finally, Evercore reduced their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $708.18.

Cummins Stock Performance

Shares of CMI traded down $3.96 during trading hours on Wednesday, hitting $525.39. The company had a trading volume of 1,213,264 shares, compared to its average volume of 988,416. The firm has a market cap of $72.33 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 1.39 and a beta of 1.24. The business has a fifty day moving average of $562.88 and a 200-day moving average of $620.45. Cummins Inc. has a 12 month low of $405.82 and a 12 month high of $737.76. 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 (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 business’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $6.43 EPS. Equities analysts anticipate that Cummins Inc. will post 30.10 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins’s dividend payout ratio (DPR) is 44.97%.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.30% of the stock is currently owned by corporate insiders.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.