Interval Partners LP Sells 28,373 Shares of Cummins Inc. $CMI

Interval Partners LP lowered its holdings in shares of Cummins Inc. (NYSE:CMI) by 54.6% in the third quarter, Holdings Channel.com reports. The fund owned 23,590 shares of the company’s stock after selling 28,373 shares during the quarter. Interval Partners LP’s holdings in Cummins were worth $9,964,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the business. Flagship Wealth Advisors LLC purchased a new stake in Cummins in the third quarter worth $28,000. Osterweis Capital Management Inc. purchased a new position in Cummins in the 2nd quarter worth about $31,000. Guerra Advisors Inc bought a new stake in Cummins during the 3rd quarter valued at about $36,000. Salomon & Ludwin LLC boosted its position in Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC bought a new position in Cummins in the 3rd quarter worth about $39,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $535.58 on Friday. The stock’s 50-day moving average is $574.09 and its 200 day moving average is $495.24. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The company has a market cap of $74.00 billion, a P/E ratio of 26.10, a PEG ratio of 1.71 and a beta of 1.12.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. During the same period in the prior year, the firm posted $5.16 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is 38.99%.

Insider Buying and Selling

In other Cummins news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. The trade was a 34.59% 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 the SEC website. Also, VP Jennifer Mary Bush sold 4,270 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the transaction, the vice president directly owned 15,130 shares in the company, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,195 shares of company stock valued at $18,397,489 over the last quarter. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on CMI shares. Argus set a $696.00 price target on shares of Cummins in a research note on Tuesday, February 10th. Citigroup raised their price objective on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a report on Tuesday, January 13th. Robert W. Baird set a $580.00 target price on Cummins in a report on Friday, February 6th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Finally, Wells Fargo & Company lifted their price objective on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and an average target price of $588.93.

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.