Cummins Inc. $CMI Shares Sold by Pittenger & Anderson Inc.

Pittenger & Anderson Inc. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 67.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 373 shares of the company’s stock after selling 783 shares during the period. Pittenger & Anderson Inc.’s holdings in Cummins were worth $201,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Citizens Financial Group Inc. RI raised its holdings in shares of Cummins by 2.8% in the first quarter. Citizens Financial Group Inc. RI now owns 30,938 shares of the company’s stock worth $16,646,000 after acquiring an additional 837 shares during the last quarter. Midwest Trust Co boosted its stake in shares of Cummins by 705.6% during the first quarter. Midwest Trust Co now owns 10,489 shares of the company’s stock valued at $5,643,000 after acquiring an additional 9,187 shares during the last quarter. Fifth Third Bancorp increased its position in Cummins by 40.6% during the 1st quarter. Fifth Third Bancorp now owns 127,418 shares of the company’s stock worth $68,553,000 after purchasing an additional 36,765 shares in the last quarter. Sovran Advisors LLC purchased a new stake in Cummins during the 1st quarter worth about $185,000. Finally, Candriam S.C.A. raised its stake in Cummins by 3.1% in the 1st quarter. Candriam S.C.A. now owns 13,883 shares of the company’s stock valued at $7,469,000 after purchasing an additional 413 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the company’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 sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This represents a 6.31% 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 Cummins stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the transaction, the vice president directly owned 9,447 shares in the company, valued at $6,556,784.82. This represents a 6.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,579 shares of company stock valued at $9,377,684 in the last 90 days. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of several analyst reports. Barclays raised their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Wells Fargo & Company upped their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. UBS Group restated a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Finally, Evercore reiterated an “outperform” rating and issued a $845.00 price target on shares of Cummins in a report on Monday, May 11th. 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. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus price target of $738.00.

Cummins Price Performance

Cummins stock opened at $676.93 on Monday. Cummins Inc. has a 1 year low of $334.70 and a 1 year high of $737.76. 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 firm has a 50 day moving average price of $679.54 and a 200 day moving average price of $609.98. The company has a market cap of $93.41 billion, a price-to-earnings ratio of 35.13, a PEG ratio of 1.65 and a beta of 1.22.

Cummins (NYSE:CMI) last posted its quarterly 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. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the firm posted $5.96 earnings per share. Cummins’s revenue was up 2.7% on a year-over-year basis. Sell-side analysts predict that Cummins Inc. will post 29.32 earnings per share for the current year.

Cummins Announces Dividend

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

About Cummins

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.