Shell Asset Management Co. Lowers Stock Holdings in Cummins Inc. $CMI

Shell Asset Management Co. lowered its stake in Cummins Inc. (NYSE:CMI) by 88.2% during the third quarter, HoldingsChannel reports. The firm owned 648 shares of the company’s stock after selling 4,860 shares during the quarter. Shell Asset Management Co.’s holdings in Cummins were worth $274,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of analyst reports. Citigroup increased their target price on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research note on Tuesday, January 13th. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a “market perform” rating in a research report on Friday, February 6th. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a research report on Monday, January 26th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Insiders Place Their Bets

In other news, Director William I. Miller sold 18,107 shares of the stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This represents a 34.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the sale, the insider directly owned 9,271 shares in the company, valued at $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.41% of the stock is owned by insiders.

Cummins Stock Performance

Shares of NYSE CMI opened at $595.31 on Wednesday. The company has a market cap of $82.25 billion, a PE ratio of 29.01, a price-to-earnings-growth ratio of 1.90 and a beta of 1.13. Cummins Inc. has a 12 month low of $260.02 and a 12 month 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 50-day simple moving average of $553.76 and a 200-day simple moving average of $474.04.

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

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s dividend payout ratio (DPR) is 38.99%.

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.