Richard P Slaughter Associates Inc Sells 4,574 Shares of Cummins Inc. (NYSE:CMI)

Richard P Slaughter Associates Inc trimmed its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 82.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 978 shares of the company's stock after selling 4,574 shares during the period. Richard P Slaughter Associates Inc's holdings in Cummins were worth $307,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CMI. Brighton Jones LLC grew its holdings in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares during the period. Chicago Partners Investment Group LLC grew its holdings in shares of Cummins by 7.1% in the 4th quarter. Chicago Partners Investment Group LLC now owns 1,155 shares of the company's stock valued at $415,000 after buying an additional 77 shares during the period. Tokio Marine Asset Management Co. Ltd. increased its position in shares of Cummins by 4.4% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,216 shares of the company's stock valued at $1,470,000 after buying an additional 178 shares in the last quarter. Stock Yards Bank & Trust Co. increased its position in shares of Cummins by 7.4% in the 4th quarter. Stock Yards Bank & Trust Co. now owns 5,464 shares of the company's stock valued at $1,905,000 after buying an additional 375 shares in the last quarter. Finally, Chicago Capital LLC raised its stake in Cummins by 4.0% during the 4th quarter. Chicago Capital LLC now owns 3,421 shares of the company's stock worth $1,193,000 after buying an additional 133 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research reports. Robert W. Baird lowered their target price on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. JPMorgan Chase & Co. raised their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Morgan Stanley increased their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. UBS Group lowered shares of Cummins from a "buy" rating to a "sell" rating and decreased their target price for the stock from $400.00 to $240.00 in a research report on Monday, April 7th. Finally, Citigroup boosted their price target on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $357.25.

Cummins Stock Performance

Shares of CMI stock traded down $0.04 during trading on Thursday, hitting $322.80. The company's stock had a trading volume of 550,917 shares, compared to its average volume of 801,063. The business has a fifty day moving average of $303.88 and a 200-day moving average of $339.06. The company has a current ratio of 1.31, a quick ratio of 0.80 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $387.90. The company has a market cap of $44.47 billion, a PE ratio of 11.46, a P/E/G ratio of 2.19 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The business had revenue of $8.17 billion during the quarter, compared to the consensus estimate of $8.22 billion. During the same period last year, the business posted $5.08 earnings per share. The business's revenue for the quarter was down 2.7% on a year-over-year basis. As a group, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.26%. The ex-dividend date is Friday, May 23rd. Cummins's payout ratio is 36.22%.

Insider Buying and Selling

In other 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 now owns 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is owned by company insiders.

Cummins Company 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.