Wedge Capital Management L L P NC Sells 3,465 Shares of Cummins Inc. (NYSE:CMI)

Wedge Capital Management L L P NC lessened its stake in Cummins Inc. (NYSE:CMI) by 6.4% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 50,593 shares of the company’s stock after selling 3,465 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Cummins were worth $12,121,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CMI. OFI Invest Asset Management acquired a new position in shares of Cummins in the third quarter valued at approximately $25,000. Silver Oak Securities Incorporated acquired a new position in Cummins during the third quarter worth $28,000. Global Wealth Strategies & Associates acquired a new position in Cummins during the third quarter worth $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new stake in Cummins during the third quarter worth $39,000. Finally, Peoples Bank KS bought a new stake in Cummins during the third quarter worth $43,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE:CMI traded up $1.99 during mid-day trading on Tuesday, reaching $292.39. The company’s stock had a trading volume of 31,090 shares, compared to its average volume of 2,756,074. Cummins Inc. has a 12-month low of $203.18 and a 12-month high of $304.24. The firm’s fifty day moving average price is $280.93 and its two-hundred day moving average price is $249.14. The stock has a market cap of $39.99 billion, a P/E ratio of 56.05, a PEG ratio of 1.96 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the prior year, the business posted $4.52 EPS. The company’s revenue was up 9.9% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 18.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were issued a dividend of $1.68 per share. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.30%. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

Insider Buying and Selling

In related news, Director Daniel William Fisher purchased 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cummins news, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, with a total value of $149,812.34. Following the purchase, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 in the last ninety days. 0.56% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on CMI shares. The Goldman Sachs Group increased their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. TD Cowen raised their price target on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and raised their price target for the company from $254.00 to $321.00 in a research note on Friday, March 15th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Monday. Finally, TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $279.70.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.