LPL Financial LLC Trims Stock Holdings in Cummins Inc. $CMI

LPL Financial LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 9.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 377,839 shares of the company’s stock after selling 39,749 shares during the quarter. LPL Financial LLC’s holdings in Cummins were worth $192,868,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Franklin Resources Inc. increased its holdings in Cummins by 7.2% during the 4th quarter. Franklin Resources Inc. now owns 165,397 shares of the company’s stock worth $84,427,000 after purchasing an additional 11,078 shares during the period. O Shaughnessy Asset Management LLC increased its stake in shares of Cummins by 6.8% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 42,679 shares of the company’s stock valued at $21,785,000 after buying an additional 2,716 shares during the period. Clearbridge Investments LLC increased its stake in shares of Cummins by 15.4% during the fourth quarter. Clearbridge Investments LLC now owns 923 shares of the company’s stock valued at $471,000 after buying an additional 123 shares during the period. Valtrion Capital Management LLC increased its stake in shares of Cummins by 31.7% during the fourth quarter. Valtrion Capital Management LLC now owns 2,374 shares of the company’s stock valued at $1,212,000 after buying an additional 572 shares during the period. Finally, Nemes Rush Group LLC increased its stake in shares of Cummins by 47.4% during the fourth quarter. Nemes Rush Group LLC now owns 230 shares of the company’s stock valued at $117,000 after buying an additional 74 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 0.6%

Shares of NYSE CMI opened at $668.73 on Wednesday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $92.28 billion, a PE ratio of 34.70, a price-to-earnings-growth ratio of 1.64 and a beta of 1.23. The stock’s fifty day simple moving average is $641.50 and its two-hundred day simple moving average is $580.27. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $5.96 EPS. As a group, analysts expect that Cummins Inc. will post 29.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 41.52%.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Evercore restated an “outperform” rating and set a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Raymond James Financial raised their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Finally, Barclays raised their price target on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $726.14.

Insider Buying and Selling at Cummins

In other news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at $7,165,755. This trade represents a 6.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by company insiders.

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.