Wedge Capital Management L L P NC Has $12.91 Million Stock Holdings in Cummins Inc. $CMI

Wedge Capital Management L L P NC reduced its stake in Cummins Inc. (NYSE:CMI) by 3.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 30,558 shares of the company’s stock after selling 1,022 shares during the period. Wedge Capital Management L L P NC’s holdings in Cummins were worth $12,907,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Osterweis Capital Management Inc. acquired a new position in Cummins in the 2nd quarter valued at about $31,000. Wealth Preservation Advisors LLC bought a new stake in shares of Cummins in the first quarter valued at about $41,000. CNB Bank bought a new position in Cummins during the second quarter worth about $43,000. Flaharty Asset Management LLC acquired a new stake in Cummins in the 1st quarter worth about $47,000. Finally, State of Wyoming bought a new stake in Cummins in the 1st quarter valued at about $50,000. 83.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction dated Thursday, November 6th. The stock was 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 directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This trade represents a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins 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 sale, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 27,330 shares of company stock valued at $12,649,764 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on CMI shares. Argus raised their target price on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Thursday, November 6th. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 price target on shares of Cummins in a research note on Friday, November 7th. Finally, Wells Fargo & Company assumed coverage on shares of Cummins in a research note on Thursday, November 13th. They set an “overweight” rating and a $599.00 price objective on the stock. Thirteen research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $492.75.

Cummins Stock Performance

Cummins stock opened at $507.14 on Monday. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The stock has a market cap of $70.01 billion, a PE ratio of 26.32, a P/E/G ratio of 2.00 and a beta of 1.11. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $526.50. The business’s 50-day moving average price is $467.22 and its two-hundred day moving average price is $407.46.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. During the same period last year, the company posted $5.86 EPS. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. Cummins’s dividend payout ratio (DPR) is 41.52%.

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.