Wallington Asset Management LLC Sells 927 Shares of Cummins Inc. $CMI

Wallington Asset Management LLC reduced its position in Cummins Inc. (NYSE:CMI) by 2.6% in the first quarter, Holdings Channel.com reports. The fund owned 34,352 shares of the company’s stock after selling 927 shares during the period. Cummins makes up about 2.5% of Wallington Asset Management LLC’s investment portfolio, making the stock its 18th largest position. Wallington Asset Management LLC’s holdings in Cummins were worth $18,482,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also made changes to their positions in the company. Fisher Asset Management LLC boosted its holdings in shares of Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares during the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Cummins in the 3rd quarter valued at about $11,129,000. Perbak Capital Partners LLP purchased a new position in Cummins during the third quarter worth $1,385,000. Juno Financial Group LLC bought a new position in Cummins during the fourth quarter valued at $883,000. Finally, Nordea Investment Management AB raised its stake in shares of Cummins by 103.8% in the fourth quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock valued at $280,397,000 after acquiring an additional 278,350 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Up 0.1%

NYSE:CMI opened at $686.26 on Monday. The company has a market cap of $94.70 billion, a PE ratio of 35.61, a P/E/G ratio of 1.68 and a beta of 1.24. Cummins Inc. has a twelve month low of $322.45 and a twelve month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company’s 50 day moving average is $672.37 and its two-hundred day moving average is $598.34.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion for 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% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.96 EPS. Analysts anticipate that Cummins Inc. will post 29.31 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a $2.00 dividend. 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 presently 41.52%.

Analyst Ratings Changes

Several research analysts recently commented on CMI shares. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Raymond James Financial lifted their price objective on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Finally, Citigroup boosted their price target on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $731.86.

Insider Transactions at Cummins

In related news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the company’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the sale, the vice president directly owned 8,508 shares in the company, valued at approximately $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 13,579 shares of company stock worth $9,377,684 over the last 90 days. Insiders own 0.30% of the company’s stock.

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.