Wharton Business Group LLC Sells 1,180 Shares of Cummins Inc. $CMI

Wharton Business Group LLC decreased its position in shares of Cummins Inc. (NYSE:CMI) by 2.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,906 shares of the company’s stock after selling 1,180 shares during the period. Cummins comprises 0.9% of Wharton Business Group LLC’s holdings, making the stock its 29th largest holding. Wharton Business Group LLC’s holdings in Cummins were worth $22,346,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of CMI. Norges Bank acquired a new position in Cummins during the 2nd quarter worth approximately $505,941,000. American Century Companies Inc. grew its stake in shares of Cummins by 138.8% during the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after buying an additional 528,689 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after buying an additional 488,430 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its stake in shares of Cummins by 5,158.9% in the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after acquiring an additional 427,670 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 0.3%

Shares of NYSE:CMI traded down $1.58 during midday trading on Friday, reaching $595.33. The company’s stock had a trading volume of 58,487 shares, compared to its average volume of 995,129. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The firm has a 50 day moving average price of $556.56 and a two-hundred day moving average price of $475.71. The firm has a market capitalization of $82.25 billion, a price-to-earnings ratio of 29.05, a PEG ratio of 1.87 and a beta of 1.13.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.3%. Cummins’s dividend payout ratio is currently 38.99%.

Insiders Place Their Bets

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the sale, the insider directly owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director William I. Miller sold 18,107 shares of the stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the transaction, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on CMI shares. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Wolfe Research downgraded shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a research note on Monday, January 26th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Finally, Sanford C. Bernstein set a $600.00 price target on Cummins and gave the company a “market perform” rating in a research report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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.