LSV Asset Management Cuts Stock Position in Cummins Inc. $CMI

LSV Asset Management decreased its holdings in Cummins Inc. (NYSE:CMI) by 24.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 773,273 shares of the company’s stock after selling 251,408 shares during the quarter. LSV Asset Management owned 0.56% of Cummins worth $326,607,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC acquired a new position in shares of Cummins in the third quarter worth $28,000. Osterweis Capital Management Inc. purchased a new stake in Cummins during the 2nd quarter worth about $31,000. Guerra Advisors Inc acquired a new stake in Cummins in the 3rd quarter valued at about $36,000. Salomon & Ludwin LLC boosted its stake in shares of Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC acquired a new position in shares of Cummins during the third quarter worth about $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction dated Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of 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. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company’s stock.

Cummins Stock Up 1.9%

Cummins stock opened at $599.19 on Thursday. The company has a market capitalization of $82.71 billion, a P/E ratio of 29.20, a PEG ratio of 1.86 and a beta of 1.13. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The stock has a 50-day simple moving average of $546.63 and a 200-day simple moving average of $466.82.

Cummins (NYSE:CMI) last released 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. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.16 earnings per share. Equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

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

Analyst Upgrades and Downgrades

Several analysts recently weighed in on CMI shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 target price on shares of Cummins in a report on Friday, February 6th. Barclays boosted their target price on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Finally, Wells Fargo & Company raised their target price on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

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.