Earnest Partners LLC Sells 8,008 Shares of Cummins Inc. $CMI

Earnest Partners LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 2.7% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 287,414 shares of the company’s stock after selling 8,008 shares during the period. Earnest Partners LLC’s holdings in Cummins were worth $121,395,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Flagship Wealth Advisors LLC bought a new position in Cummins in the 3rd quarter valued at approximately $28,000. Salomon & Ludwin LLC lifted its position in shares of Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares during the period. Guerra Advisors Inc acquired a new position in Cummins in the third quarter valued at $36,000. Tripletail Wealth Management LLC acquired a new position in shares of Cummins in the 3rd quarter valued at about $39,000. Finally, Osterweis Capital Management Inc. acquired a new position in Cummins in the second quarter valued at approximately $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CMI has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. UBS Group set a $565.00 price objective on Cummins and gave the company a “neutral” rating in a research note on Friday, February 6th. Wall Street Zen downgraded Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Morgan Stanley reiterated an “overweight” rating and set a $675.00 target price on shares of Cummins in a research note on Friday, February 6th. Finally, Wolfe Research downgraded shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a report on Monday, January 26th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Insider Buying and Selling

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares in the company, valued at $8,849,990.90. This trade represents a 22.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the completion of the transaction, the vice president owned 3,389 shares of the company’s stock, valued at $1,978,057.63. The trade was a 27.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,195 shares of company stock worth $18,397,489 in the last quarter. 0.41% of the stock is currently owned by company insiders.

Cummins Trading Down 0.6%

NYSE:CMI opened at $535.58 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The firm’s 50 day moving average is $574.09 and its 200 day moving average is $495.92. The stock has a market capitalization of $74.00 billion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.70 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.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 company earned $5.16 earnings per share. Cummins’s revenue was up 1.1% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

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

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.