Hamlin Capital Management LLC Sells 19,061 Shares of Cummins Inc. $CMI

Hamlin Capital Management LLC decreased its stake in Cummins Inc. (NYSE:CMI) by 3.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 523,176 shares of the company’s stock after selling 19,061 shares during the quarter. Cummins accounts for about 5.0% of Hamlin Capital Management LLC’s portfolio, making the stock its 4th largest position. Hamlin Capital Management LLC’s holdings in Cummins were worth $220,974,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of CMI. Gotham Asset Management LLC raised its position in shares of Cummins by 0.4% in the 3rd quarter. Gotham Asset Management LLC now owns 61,473 shares of the company’s stock valued at $25,964,000 after acquiring an additional 249 shares during the period. First Commonwealth Financial Corp PA grew its holdings in Cummins by 3.5% during the third quarter. First Commonwealth Financial Corp PA now owns 1,233 shares of the company’s stock valued at $521,000 after purchasing an additional 42 shares during the period. First Western Trust Bank bought a new stake in Cummins in the third quarter valued at approximately $204,000. Focus Partners Wealth increased its stake in Cummins by 8.2% in the third quarter. Focus Partners Wealth now owns 59,916 shares of the company’s stock valued at $25,291,000 after purchasing an additional 4,540 shares in the last quarter. Finally, Destination Wealth Management raised its holdings in Cummins by 31.1% in the third quarter. Destination Wealth Management now owns 957 shares of the company’s stock worth $404,000 after purchasing an additional 227 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 0.6%

Cummins stock opened at $535.58 on Monday. The company has a 50 day moving average of $574.09 and a 200-day moving average of $496.58. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The stock has a market capitalization of $74.00 billion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.70 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm’s revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.16 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Insider Buying and Selling

In related news, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director owned 34,243 shares in the company, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 31,195 shares of company stock valued at $18,397,489. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CMI shares. Robert W. Baird set a $580.00 price target on shares of Cummins in a research report on Friday, February 6th. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective on the stock. in a research note on Monday, January 26th. Barclays lifted their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Raymond James Financial boosted their target price on Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research note on Monday, February 9th. Finally, Argus set a $696.00 price target on Cummins in a report on Tuesday, February 10th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $588.93.

Cummins 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.