Cummins Inc. $CMI Shares Sold by Hamlin Capital Management LLC

Hamlin Capital Management LLC lessened its stake in Cummins Inc. (NYSE:CMI) by 10.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 345,805 shares of the company’s stock after selling 38,560 shares during the quarter. Cummins makes up approximately 4.3% of Hamlin Capital Management LLC’s holdings, making the stock its 9th biggest holding. Hamlin Capital Management LLC owned about 0.25% of Cummins worth $178,632,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. YHB Investment Advisors Inc. increased its holdings in Cummins by 6.2% in the third quarter. YHB Investment Advisors Inc. now owns 16,561 shares of the company’s stock valued at $8,117,000 after buying an additional 971 shares during the last quarter. Apella Capital LLC lifted its holdings in Cummins by 188.6% during the 3rd quarter. Apella Capital LLC now owns 4,115 shares of the company’s stock worth $2,126,000 after buying an additional 2,689 shares during the last quarter. Everhart Financial Group Inc. grew its position in shares of Cummins by 1,051.8% in the 3rd quarter. Everhart Financial Group Inc. now owns 5,252 shares of the company’s stock worth $2,713,000 after acquiring an additional 4,796 shares in the last quarter. Avidian Wealth Enterprises LLC increased its holdings in shares of Cummins by 13.1% in the 3rd quarter. Avidian Wealth Enterprises LLC now owns 10,934 shares of the company’s stock valued at $5,296,000 after acquiring an additional 1,269 shares during the last quarter. Finally, Quintet Private Bank Europe S.A. acquired a new stake in shares of Cummins during the 3rd quarter valued at approximately $295,000. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CMI. CICC Research began coverage on shares of Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price for the company. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Wells Fargo & Company dropped their price target on Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a research report on Thursday. Bank of America cut their price objective on shares of Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Finally, Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and a consensus target price of $717.59.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction on 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 of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is owned by company insiders.

Cummins Stock Performance

Shares of NYSE CMI traded down $0.21 during midday trading on Thursday, reaching $517.11. 555,583 shares of the company traded hands, compared to its average volume of 983,177. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76. The stock has a 50-day moving average price of $572.00 and a 200 day moving average price of $621.07. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The company has a market cap of $71.19 billion, a price-to-earnings ratio of 26.38, a PEG ratio of 1.41 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its earnings results 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 company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.43 EPS. Sell-side analysts anticipate that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were issued a dividend of $2.20 per share. The ex-dividend date of this dividend was Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins’s dividend payout ratio is presently 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.