Cummins Inc. $CMI Shares Sold by Ferguson Wellman Capital Management Inc.

Ferguson Wellman Capital Management Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 31.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 67,977 shares of the company’s stock after selling 31,534 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Cummins were worth $32,687,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. BlackRock Inc. acquired a new position in Cummins during the second quarter worth $8,204,241,000. Bank of America Corp DE acquired a new stake in Cummins in the 2nd quarter worth approximately $1,408,353,000. Bank of New York Mellon Corp acquired a new stake in Cummins in the 2nd quarter worth approximately $973,198,000. Legal & General Group Plc bought a new stake in Cummins during the second quarter worth approximately $666,635,000. Finally, Amundi grew its holdings in Cummins by 19.7% during the second quarter. Amundi now owns 893,772 shares of the company’s stock valued at $637,446,000 after purchasing an additional 147,093 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. cut their price target on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a report on Wednesday, September 23rd. Evercore reduced their price target on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a report on Tuesday, August 11th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Citigroup upped their price objective on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Finally, UBS Group decreased their target price on Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $724.29.

Insider Activity at Cummins

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Cummins Price Performance

Shares of NYSE CMI traded up $2.23 during trading on Monday, reaching $530.55. The company had a trading volume of 259,184 shares, compared to its average volume of 982,587. The stock has a market cap of $73.04 billion, a PE ratio of 27.10, a PEG ratio of 1.39 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The business’s 50 day moving average price is $578.71 and its 200-day moving average price is $621.43. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $6.43 EPS. Analysts expect that Cummins Inc. will post 30.13 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 21st. Cummins’s dividend payout ratio is currently 44.97%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.