Manning & Napier Advisors LLC Sells 2,588 Shares of Cummins Inc. $CMI

Manning & Napier Advisors LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 14.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 15,055 shares of the company’s stock after selling 2,588 shares during the period. Manning & Napier Advisors LLC’s holdings in Cummins were worth $8,100,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. grew its stake in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares during the period. Norges Bank purchased a new position in shares of Cummins in the 4th quarter worth $863,441,000. Boston Partners purchased a new stake in Cummins during the third quarter valued at $473,471,000. London Co. of Virginia purchased a new position in Cummins in the third quarter worth about $231,732,000. Finally, SG Americas Securities LLC increased its position in shares of Cummins by 257.9% during the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock valued at $396,343,000 after purchasing an additional 530,812 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock traded up $3.54 on Friday, hitting $676.93. 572,903 shares of the company traded hands, compared to its average volume of 1,073,951. Cummins Inc. has a 52 week low of $334.70 and a 52 week high of $737.76. The business has a 50-day simple moving average of $679.54 and a 200 day simple moving average of $609.34. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock has a market capitalization of $93.41 billion, a P/E ratio of 35.13, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.96 earnings per share. Research analysts expect that Cummins Inc. will post 29.32 earnings per share for the current fiscal year.

Cummins Announces Dividend

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

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Barclays lifted their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Wells Fargo & Company upped their price target on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Raymond James Financial lifted their price objective on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Finally, Robert W. Baird set a $700.00 target price on shares of Cummins in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $738.00.

Insider Buying and Selling at Cummins

In other news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the sale, the chief accounting officer directly owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 13,579 shares of company stock worth $9,377,684. Insiders own 0.30% of the company’s stock.

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.