Great Lakes Advisors LLC Sells 2,775 Shares of Cummins Inc. $CMI

by · The Markets Daily

Great Lakes Advisors LLC lessened its position in Cummins Inc. (NYSE:CMI – Free Report) by 2.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 104,921 shares of the company’s stock after selling 2,775 shares during the period. Great Lakes Advisors LLC’s holdings in Cummins were worth $32,887,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Caxton Associates LLP bought a new position in shares of Cummins in the first quarter worth approximately $431,000. Voleon Capital Management LP bought a new position in shares of Cummins in the first quarter worth approximately $1,117,000. Ashton Thomas Private Wealth LLC lifted its stake in shares of Cummins by 152.4% in the first quarter. Ashton Thomas Private Wealth LLC now owns 5,699 shares of the company’s stock worth $1,786,000 after buying an additional 3,441 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Cummins by 74.2% in the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock worth $234,907,000 after buying an additional 319,277 shares in the last quarter. Finally, Resources Management Corp CT ADV lifted its stake in shares of Cummins by 2.5% in the first quarter. Resources Management Corp CT ADV now owns 3,105 shares of the company’s stock worth $973,000 after buying an additional 75 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 26,039 shares of company stock worth $10,385,075. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CMI shares. The Goldman Sachs Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Robert W. Baird upped their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Finally, Citigroup increased their price objective on shares of Cummins from $380.00 to $425.00 and gave the company a “buy” rating in a research report on Wednesday, August 6th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $389.29.

Get Our Latest Stock Report on Cummins

Cummins Trading Down 0.2%

NYSE CMI opened at $400.13 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market capitalization of $55.13 billion, a price-to-earnings ratio of 18.81, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The company’s 50-day simple moving average is $370.88 and its two-hundred day simple moving average is $335.67. Cummins Inc. has a one year low of $260.02 and a one year high of $408.38.

Cummins (NYSE:CMI – Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the firm posted $5.26 EPS. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. Cummins’s payout ratio is 37.61%.

About Cummins

(Free Report)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

Further Reading

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