Cummins Inc. $CMI Holdings Cut by Burney Co.

Burney Co. reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 34.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 4,447 shares of the company’s stock after selling 2,299 shares during the period. Burney Co.’s holdings in Cummins were worth $2,393,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CMI. Vanguard Group Inc. raised its holdings in shares of Cummins by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after acquiring an additional 98,544 shares in the last quarter. State Street Corp grew its stake in Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after purchasing an additional 49,628 shares in the last quarter. Geode Capital Management LLC increased its position in Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC increased its position in Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Bonnie J. Fetch sold 652 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the transaction, the executive vice president owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the sale, the vice president directly owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,579 shares of company stock valued at $9,377,684 in the last ninety days. Company insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of several research reports. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Morgan Stanley boosted their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Argus raised their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $738.00.

Cummins Stock Down 2.7%

CMI stock opened at $659.87 on Wednesday. The stock has a market capitalization of $91.06 billion, a price-to-earnings ratio of 34.24, a price-to-earnings-growth ratio of 1.66 and a beta of 1.22. The company has a 50-day moving average of $677.96 and a two-hundred day moving average of $606.51. Cummins Inc. has a 52-week low of $328.02 and a 52-week high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the firm earned $5.96 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 29.32 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s payout ratio is 41.52%.

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.