Cummins Inc. $CMI Position Cut by Holocene Advisors LP

Holocene Advisors LP decreased its position in shares of Cummins Inc. (NYSE:CMI) by 66.0% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 121,479 shares of the company’s stock after selling 236,299 shares during the quarter. Holocene Advisors LP’s holdings in Cummins were worth $51,309,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. United Capital Management of KS Inc. grew its position in Cummins by 2.0% in the 3rd quarter. United Capital Management of KS Inc. now owns 1,149 shares of the company’s stock worth $485,000 after purchasing an additional 22 shares during the last quarter. Betterment LLC boosted its position in shares of Cummins by 3.5% during the third quarter. Betterment LLC now owns 673 shares of the company’s stock worth $284,000 after buying an additional 23 shares during the period. Stock Yards Bank & Trust Co. boosted its position in shares of Cummins by 0.4% during the third quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after buying an additional 24 shares during the period. Whittier Trust Co. grew its holdings in Cummins by 0.9% in the 3rd quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock worth $1,154,000 after buying an additional 24 shares in the last quarter. Finally, Howard Capital Management Inc. increased its position in Cummins by 2.9% in the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock valued at $365,000 after acquiring an additional 24 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on CMI shares. UBS Group set a $565.00 price target on Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Argus set a $696.00 price target on shares of Cummins in a research note on Tuesday, February 10th. Morgan Stanley reiterated an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Finally, Wells Fargo & Company raised their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Trading Up 1.7%

Shares of CMI stock opened at $545.02 on Tuesday. The stock has a 50-day simple moving average of $574.35 and a 200 day simple moving average of $497.59. The stock has a market capitalization of $75.30 billion, a P/E ratio of 26.56, a P/E/G ratio of 1.70 and a beta of 1.12. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period in the previous year, the business earned $5.16 earnings per share. Cummins’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s payout ratio is presently 38.99%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction that occurred on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the transaction, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the company’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares in the company, valued at $8,873,101.38. This represents a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 31,195 shares of company stock valued at $18,397,489. Corporate insiders own 0.41% of the company’s stock.

About Cummins

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.