Hamlin Capital Management LLC Sells 38,560 Shares of Cummins Inc. $CMI

Hamlin Capital Management LLC reduced its holdings in Cummins Inc. (NYSE:CMI) by 10.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 345,805 shares of the company’s stock after selling 38,560 shares during the quarter. Cummins accounts for 4.3% of Hamlin Capital Management LLC’s holdings, making the stock its 9th biggest position. Hamlin Capital Management LLC’s holdings in Cummins were worth $178,632,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in CMI. BlackRock Inc. acquired a new position in shares of Cummins in the 2nd quarter worth $8,204,241,000. Bank of America Corp DE purchased a new stake in shares of Cummins during the second quarter valued at $1,408,353,000. Bank of New York Mellon Corp acquired a new position in shares of Cummins in the 2nd quarter valued at $973,198,000. Legal & General Group Plc purchased a new position in Cummins in the 2nd quarter worth about $666,635,000. Finally, Amundi increased its stake in Cummins by 19.7% in 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.

Insider Buying and Selling

In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have commented on CMI. CICC Research started coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price for the company. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. JPMorgan Chase & Co. decreased their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Evercore lowered their price objective on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Finally, DA Davidson boosted their target price on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Thirteen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Cummins has a consensus rating of “Moderate Buy” and an average price target of $717.59.

Cummins Stock Down 0.0%

NYSE:CMI traded down $0.21 on Thursday, hitting $517.11. 555,583 shares of the company’s stock traded hands, compared to its average volume of 983,177. The company has a market cap of $71.19 billion, a PE ratio of 26.38, a price-to-earnings-growth ratio of 1.41 and a beta of 1.24. Cummins Inc. has a 1 year low of $400.72 and a 1 year high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $572.00 and a 200-day moving average price of $621.07.

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. Equities analysts anticipate that Cummins Inc. will post 30.13 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were issued a $2.20 dividend. This is an increase from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Friday, August 21st. Cummins’s dividend payout ratio is currently 44.97%.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.