Cummins Inc. $CMI Holdings Lessened by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lowered its holdings in Cummins Inc. (NYSE:CMI) by 4.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 31,808 shares of the company’s stock after selling 1,353 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Cummins were worth $16,431,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. BlackRock Inc. acquired a new position in Cummins during the second quarter worth $8,204,241,000. Bank of America Corp DE bought a new position in shares of Cummins in the second quarter valued at $1,408,353,000. Bank of New York Mellon Corp bought a new position in shares of Cummins in the second quarter valued at $973,198,000. Legal & General Group Plc acquired a new position in shares of Cummins during the second quarter valued at about $666,635,000. Finally, Vontobel Holding Ltd. grew its holdings in shares of Cummins by 1,436.1% during the third quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock valued at $302,025,000 after buying an additional 546,613 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 2.5%

NYSE CMI opened at $535.42 on Wednesday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The business has a fifty day simple moving average of $551.71 and a 200 day simple moving average of $620.41. Cummins Inc. has a 12 month low of $407.57 and a 12 month high of $737.76. The firm has a market capitalization of $73.71 billion, a P/E ratio of 27.36, a PEG ratio of 1.38 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) 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 analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. Cummins’s revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $6.43 earnings per share. On average, analysts predict that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. Cummins’s dividend payout ratio is currently 44.97%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CMI. Barclays decreased their target price on shares of Cummins from $760.00 to $675.00 and set an “overweight” rating for the company in a research report on Monday. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. DA Davidson lifted their price target on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. CICC Research began coverage on Cummins in a report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective for the company. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $703.18.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by insiders.

Cummins Company Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.