Cummins Inc. (NYSE:CMI) Shares Sold by Westfield Capital Management Co. LP

Key Points

• Westfield Capital Management Co. LP reduced its stake in Cummins Inc. by 4.3%, owning 21,762 shares valued at approximately $6.82 million after selling 985 shares.
• Cummins recently declared a quarterly dividend of $2.00 per share, reflecting an annualized payment of $8.00 and an increase from the previous dividend of $1.82.
• Analysts generally maintain a "Hold" rating on Cummins, with the stock having a current average price target of $361.92, despite varied individual ratings from sell to buy.

Westfield Capital Management Co. LP decreased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 4.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 21,762 shares of the company's stock after selling 985 shares during the quarter. Westfield Capital Management Co. LP's holdings in Cummins were worth $6,821,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Sfmg LLC boosted its position in Cummins by 40.2% during the first quarter. Sfmg LLC now owns 1,315 shares of the company's stock worth $412,000 after purchasing an additional 377 shares in the last quarter. MWA Asset Management boosted its position in Cummins by 9.9% during the first quarter. MWA Asset Management now owns 4,057 shares of the company's stock worth $1,272,000 after purchasing an additional 367 shares in the last quarter. Earned Wealth Advisors LLC acquired a new position in shares of Cummins during the first quarter valued at approximately $229,000. Raiffeisen Bank International AG raised its holdings in shares of Cummins by 9.4% during the first quarter. Raiffeisen Bank International AG now owns 52,683 shares of the company's stock valued at $16,544,000 after acquiring an additional 4,535 shares during the last quarter. Finally, Blair William & Co. IL raised its holdings in shares of Cummins by 1.1% during the first quarter. Blair William & Co. IL now owns 43,663 shares of the company's stock valued at $13,686,000 after acquiring an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Citigroup increased their price target on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday. Barclays increased their price objective on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Evercore ISI lowered their price objective on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. JPMorgan Chase & Co. increased their price objective on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Robert W. Baird raised their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins presently has an average rating of "Hold" and a consensus target price of $370.83.

Cummins Stock Performance

CMI stock traded up $3.06 during trading on Thursday, hitting $384.74. The company had a trading volume of 1,252,055 shares, compared to its average volume of 1,028,566. The company has a quick ratio of 0.81, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The firm has a 50-day moving average price of $338.51 and a 200-day moving average price of $331.56. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The firm has a market cap of $53.00 billion, a PE ratio of 18.09, a price-to-earnings-growth ratio of 2.12 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%. The company had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. During the same quarter in the previous year, the firm posted $5.26 EPS. The firm's quarterly revenue was down 1.7% on a year-over-year basis. On average, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 2.1%. The ex-dividend date is Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 34.23%.

Insider Transactions at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director directly owned 2,441 shares in the company, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.41% of the company's stock.

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.