Cummins Inc. $CMI Stock: Anderson Hoagland & Co. Cuts Stake

Key Points

• Anderson Hoagland & Co. reduced its Cummins stake by 20.6% in the third quarter, selling 4,921 shares and retaining 18,987 shares worth approximately $9.86 million. Institutional investors and hedge funds collectively own 83.46% of CMI.
• Cummins reported quarterly EPS of $6.73, below the $7.21 consensus estimate, while revenue reached $9.46 billion and increased 9.4% year over year. Shares opened at $517.64, near the lower end of their $413.98–$737.76 one-year range.
• The company declared a quarterly dividend of $2.20, or $8.80 annually, representing a 1.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $703.18.

Anderson Hoagland & Co. cut its position in Cummins Inc. (NYSE:CMI - Free Report) by 20.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 18,987 shares of the company's stock after selling 4,921 shares during the quarter. Anderson Hoagland & Co.'s holdings in Cummins were worth $9,864,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cedar Mountain Advisors LLC grew its position in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock valued at $26,000 after buying an additional 45 shares in the last quarter. Persistent Asset Partners Ltd bought a new position in shares of Cummins in the second quarter valued at approximately $26,000. Key Financial Inc boosted its holdings in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after acquiring an additional 20 shares in the last quarter. Elevation Wealth Partners LLC increased its stake in shares of Cummins by 91.7% during 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 during the period. Finally, Scarborough Advisors LLC acquired a new position in shares of Cummins during the first quarter valued at approximately $43,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company's stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by insiders.

Cummins Trading Down 0.4%

Shares of NYSE:CMI opened at $517.64 on Friday. The stock has a market capitalization of $71.26 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 1-year low of $413.98 and a 1-year high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The company has a 50 day moving average price of $545.26 and a 200 day moving average price of $619.42.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data 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 company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The business's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $6.43 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins's dividend payout ratio (DPR) is presently 44.97%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CMI. UBS Group dropped their target price on Cummins from $835.00 to $741.00 and set a "buy" rating on the stock in a report on Wednesday, September 30th. Truist Financial lowered their price target on Cummins from $894.00 to $779.00 and set a "buy" rating on the stock in a research report on Monday, October 5th. Zacks Research cut Cummins from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Evercore dropped their price objective on Cummins from $845.00 to $782.00 and set an "outperform" rating on the stock in a research note on Tuesday, August 11th. Finally, Morgan Stanley upped their price objective on Cummins from $752.00 to $761.00 and gave the company an "overweight" rating in a report on Friday, July 17th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Cummins presently has a consensus rating of "Moderate Buy" and a consensus target price of $703.18.

Cummins Company 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.

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.