Forum Financial Management LP Sells 1,565 Shares of Cummins Inc. $CMI

Forum Financial Management LP cut its stake in shares of Cummins Inc. (NYSE:CMI) by 80.5% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 378 shares of the company’s stock after selling 1,565 shares during the quarter. Forum Financial Management LP’s holdings in Cummins were worth $203,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. grew its stake in Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares in the last quarter. Norges Bank bought a new position in shares of Cummins in the 4th quarter worth $863,441,000. Boston Partners purchased a new stake in shares of Cummins during the third quarter valued at about $473,471,000. London Co. of Virginia purchased a new position in shares of Cummins in the 3rd quarter worth approximately $231,732,000. Finally, SG Americas Securities LLC raised its stake in shares of Cummins by 257.9% during the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after acquiring an additional 530,812 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Donald G. Jackson sold 730 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Marvin Boakye sold 3,481 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the transaction, the vice president owned 8,508 shares of the company’s stock, 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.

Cummins Stock Down 4.4%

CMI stock opened at $681.59 on Thursday. The stock has a market capitalization of $94.05 billion, a PE ratio of 35.37, a price-to-earnings-growth ratio of 1.74 and a beta of 1.22. Cummins Inc. has a 52 week low of $325.25 and a 52 week high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The firm has a 50 day moving average of $676.64 and a 200 day moving average of $602.12.

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. Sell-side analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Dividend Announcement

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 Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. UBS Group restated a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Barclays upped their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. increased their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a report on Wednesday, May 6th. Morgan Stanley raised their price objective on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins Profile

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.