2,070 Cummins Inc. $CMI Shares Sold by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 53,231 shares of the company’s stock after selling 2,070 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Cummins were worth $27,498,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Cedar Mountain Advisors LLC grew its stake in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares in the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Cummins during the second quarter worth $26,000. Key Financial Inc increased its position in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares during the period. Elevation Wealth Partners LLC raised its stake in shares of Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares in the last quarter. Finally, Steph & Co. raised its stake in shares of Cummins by 112.9% in the first quarter. Steph & Co. now owns 66 shares of the company’s stock valued at $36,000 after acquiring an additional 35 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent research reports. Bank of America decreased their target price on Cummins from $731.00 to $600.00 in a report on Thursday, September 24th. Morgan Stanley upped their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. CICC Research initiated coverage on Cummins in a report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price target on the stock. Wall Street Zen lowered Cummins from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, JPMorgan Chase & Co. decreased their price objective on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday, September 23rd. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average price target of $703.18.

Cummins Trading Up 2.5%

NYSE CMI opened at $535.42 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $407.57 and a 52 week high of $737.76. The stock has a market capitalization of $73.71 billion, a PE ratio of 27.36, a price-to-earnings-growth ratio of 1.38 and a beta of 1.24. The firm has a 50 day moving average of $551.71 and a two-hundred day moving average of $620.41.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same period in the prior year, the company posted $6.43 earnings per share. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, research analysts expect 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. Investors of record on Friday, November 20th will be paid a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s payout ratio is presently 44.97%.

Insider Activity at Cummins

In related 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 value of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 0.30% of the company’s stock.

About Cummins

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.