Wiregrass Investment Management LLC Lowers Stock Holdings in Cummins Inc. $CMI

Wiregrass Investment Management LLC reduced its holdings in Cummins Inc. (NYSE:CMI) by 34.7% during the 1st quarter, Holdings Channel reports. The firm owned 2,994 shares of the company’s stock after selling 1,594 shares during the quarter. Cummins makes up about 1.3% of Wiregrass Investment Management LLC’s holdings, making the stock its 19th largest holding. Wiregrass Investment Management LLC’s holdings in Cummins were worth $1,611,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Valmark Advisers Inc. lifted its position in shares of Cummins by 1.9% during the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after buying an additional 16 shares in the last quarter. Nicolet Advisory Services LLC increased its holdings in Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after acquiring an additional 17 shares in the last quarter. Uhlmann Price Securities LLC lifted its holdings in Cummins by 2.4% during the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after purchasing an additional 17 shares in the last quarter. Frank Rimerman Advisors LLC grew its position in shares of Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after purchasing an additional 18 shares during the period. Finally, Financial Consulate Inc. increased its stake in shares of Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after purchasing an additional 18 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction on Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the transaction, the executive vice president owned 11,679 shares in the company, valued at $8,177,519.01. The trade was a 5.29% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by company insiders.

Cummins Trading Up 3.2%

Shares of Cummins stock opened at $659.94 on Wednesday. The stock has a market cap of $91.07 billion, a P/E ratio of 34.25, a P/E/G ratio of 1.56 and a beta of 1.22. The stock’s 50 day simple moving average is $674.90 and its 200-day simple moving average is $616.91. Cummins Inc. has a 1-year low of $344.02 and a 1-year high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period in the prior year, the business earned $5.96 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. Analysts predict that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.3%. The ex-dividend date is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Raymond James Financial upped their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Robert W. Baird set a $700.00 target price on Cummins in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Citigroup lifted their price target on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $740.07.

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.