Verity & Verity LLC Lowers Holdings in Cummins Inc. $CMI

Verity & Verity LLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 1.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 35,004 shares of the company’s stock after selling 589 shares during the period. Verity & Verity LLC’s holdings in Cummins were worth $11,464,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Raymond James Financial Inc. grew its holdings in Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after acquiring an additional 817,384 shares in the last quarter. American Century Companies Inc. raised its stake in shares of Cummins by 138.8% during the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after acquiring an additional 528,689 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its holdings in shares of Cummins by 5,158.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after purchasing an additional 427,670 shares during the last quarter. AQR Capital Management LLC boosted its holdings in Cummins by 70.9% in the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after acquiring an additional 424,294 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Cummins in the 1st quarter worth approximately $109,120,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Jennifer Rumsey sold 4,570 shares of Cummins stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 34,960 shares of company stock valued at $15,715,060 in the last quarter. Company insiders own 0.41% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $486.23 on Tuesday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $490.34. The company has a market cap of $67.12 billion, a P/E ratio of 22.87, a PEG ratio of 2.05 and a beta of 1.07. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The firm has a fifty day moving average price of $436.12 and a 200 day moving average price of $383.27.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same period last year, the business earned $5.86 EPS. Sell-side analysts predict 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 will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is 41.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CMI shares. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Sanford C. Bernstein reiterated a “market perform” rating and set a $475.00 target price on shares of Cummins in a research report on Friday, November 7th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, November 17th. UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Eleven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $470.33.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.