Cummins Inc. $CMI Shares Sold by QV Investors Inc.

QV Investors Inc. cut its holdings in Cummins Inc. (NYSE:CMI) by 26.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,485 shares of the company’s stock after selling 1,935 shares during the period. QV Investors Inc.’s holdings in Cummins were worth $2,833,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in CMI. Persistent Asset Partners Ltd purchased a new stake in Cummins in the second quarter valued at $26,000. Elevation Wealth Partners LLC grew its holdings in shares of Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 22 shares during the period. Cedar Mountain Advisors LLC grew its holdings in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the period. Key Financial Inc increased its position in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the last quarter. Finally, Cornerstone Financial Management LLC raised its holdings in Cummins by 65.8% in the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company’s stock valued at $45,000 after buying an additional 25 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of Cummins 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 sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was 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 accessible through this link. Company insiders own 0.30% of the company’s stock.

Cummins Stock Up 2.5%

CMI stock opened at $535.42 on Wednesday. Cummins Inc. has a fifty-two week low of $407.57 and a fifty-two week high of $737.76. The company’s 50 day moving average price is $551.71 and its 200 day moving average price is $620.41. The firm has a market capitalization of $73.71 billion, a price-to-earnings ratio of 27.36, a PEG ratio of 1.38 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.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business 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 for the quarter 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. On average, equities research analysts anticipate that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is 44.97%.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Barclays lowered their target price on shares of Cummins from $760.00 to $675.00 and set an “overweight” rating for the company in a research note on Monday. CICC Research initiated coverage on shares of Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 price objective on the stock. Morgan Stanley increased their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Bank of America cut their target price on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Finally, UBS Group decreased their price target on Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research note on Wednesday, September 30th. Thirteen equities 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, Cummins has a consensus rating of “Moderate Buy” and an average target price of $703.18.

Cummins 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.