Cummins Inc. $CMI Stock Position Lowered by Investment House LLC

Investment House LLC reduced its position in Cummins Inc. (NYSE:CMI) by 30.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 22,833 shares of the company’s stock after selling 9,869 shares during the period. Investment House LLC’s holdings in Cummins were worth $11,795,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Cummins in the 2nd quarter valued at approximately $8,204,241,000. Bank of America Corp DE acquired a new position in Cummins in the 2nd quarter worth approximately $1,408,353,000. Bank of New York Mellon Corp purchased a new position in Cummins during the 2nd quarter worth approximately $973,198,000. Legal & General Group Plc purchased a new position in Cummins during the 2nd quarter worth approximately $666,635,000. Finally, Amundi grew its position in Cummins by 19.7% during the 2nd quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after purchasing an additional 147,093 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 4.5%

NYSE CMI opened at $517.75 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 1-year low of $409.79 and a 1-year high of $737.76. The firm’s fifty day simple moving average is $547.54 and its 200-day simple moving average is $620.13. The company has a market capitalization of $71.27 billion, a PE ratio of 22.14, a price-to-earnings-growth ratio of 1.43 and a beta of 1.24.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter last year, the firm earned $6.43 EPS. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins’s payout ratio is currently 44.97%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CMI shares. UBS Group reduced their target price on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a report on Wednesday, September 30th. Sanford C. Bernstein reiterated a “market perform” rating and set a $700.00 price target on shares of Cummins in a report on Wednesday, August 5th. Barclays dropped their price target on Cummins from $760.00 to $675.00 and set an “overweight” rating on the stock in a research report on Monday. Bank of America reduced their price objective on Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Finally, CICC Research started coverage on Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective for the company. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $703.18.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the business’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 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 filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by corporate insiders.

About Cummins

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.