Catalyst Capital Advisors LLC Decreases Stock Holdings in Cummins Inc. (NYSE:CMI)

Catalyst Capital Advisors LLC lessened its position in Cummins Inc. (NYSE:CMI - Free Report) by 7.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,970 shares of the company's stock after selling 800 shares during the period. Catalyst Capital Advisors LLC's holdings in Cummins were worth $3,125,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Signaturefd LLC grew its position in shares of Cummins by 0.9% in the 4th quarter. Signaturefd LLC now owns 3,313 shares of the company's stock valued at $1,155,000 after buying an additional 28 shares during the last quarter. Fiduciary Trust Co grew its position in shares of Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after buying an additional 28 shares during the last quarter. Mindset Wealth Management LLC grew its position in shares of Cummins by 1.7% in the 4th quarter. Mindset Wealth Management LLC now owns 2,076 shares of the company's stock valued at $724,000 after buying an additional 35 shares during the last quarter. Garrison Point Advisors LLC grew its position in shares of Cummins by 1.1% in the 4th quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock valued at $1,112,000 after buying an additional 35 shares during the last quarter. Finally, Ascent Group LLC grew its position in shares of Cummins by 2.7% in the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after buying an additional 37 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on CMI shares. Morgan Stanley upped their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research report on Tuesday, May 6th. Robert W. Baird reduced their price target on Cummins from $407.00 to $315.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and upped their target price for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and cut their target price for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Citigroup restated a "buy" rating and set a $360.00 target price (up previously from $350.00) on shares of Cummins in a research report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of "Hold" and an average target price of $358.08.

Insider Activity at Cummins

In related news, Director John H. Stone acquired 1,000 shares of the stock in a transaction dated Friday, May 16th. The stock was purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director directly owned 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Down 0.5%

NYSE:CMI traded down $1.61 on Friday, hitting $331.83. The stock had a trading volume of 549,622 shares, compared to its average volume of 774,005. The business's fifty day moving average is $319.53 and its 200 day moving average is $331.67. The company has a market cap of $45.71 billion, a PE ratio of 16.51, a P/E/G ratio of 2.00 and a beta of 1.03. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The company's quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.08 earnings per share. On average, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Shareholders of record on Friday, May 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, May 23rd. This represents a $7.28 annualized dividend and a yield of 2.19%. Cummins's payout ratio is currently 36.22%.

Cummins Profile

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.