Cwm LLC Lowers Holdings in Cummins Inc. $CMI

Cwm LLC decreased its stake in Cummins Inc. (NYSE:CMI - Free Report) by 21.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,824 shares of the company's stock after selling 4,731 shares during the quarter. Cwm LLC's holdings in Cummins were worth $5,837,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. OFI Invest Asset Management boosted its position in Cummins by 61.5% during the second quarter. OFI Invest Asset Management now owns 331 shares of the company's stock worth $108,000 after purchasing an additional 126 shares in the last quarter. Advocate Group LLC lifted its position in shares of Cummins by 1.4% in the second quarter. Advocate Group LLC now owns 22,661 shares of the company's stock valued at $7,422,000 after acquiring an additional 307 shares in the last quarter. Board of the Pension Protection Fund lifted its position in shares of Cummins by 414.3% in the second quarter. Board of the Pension Protection Fund now owns 3,600 shares of the company's stock valued at $1,179,000 after acquiring an additional 2,900 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of Cummins by 11.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 31,861 shares of the company's stock valued at $10,435,000 after acquiring an additional 3,353 shares in the last quarter. Finally, Concurrent Investment Advisors LLC lifted its position in shares of Cummins by 3.6% in the second quarter. Concurrent Investment Advisors LLC now owns 12,971 shares of the company's stock valued at $4,248,000 after acquiring an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Up 1.6%

CMI opened at $423.12 on Thursday. The business has a 50 day moving average price of $409.86 and a two-hundred day moving average price of $351.33. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a market cap of $58.30 billion, a PE ratio of 19.89, a P/E/G ratio of 2.01 and a beta of 1.04. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51.

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. As a group, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins's dividend payout ratio is 37.61%.

Wall Street Analyst Weigh In

CMI has been the subject of several recent research reports. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Cummins in a report on Tuesday. Robert W. Baird increased their price target on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Barclays raised their target price on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Citigroup raised their target price on Cummins from $425.00 to $485.00 and gave the stock a "buy" rating in a research note on Tuesday, September 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on Cummins from $400.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $407.43.

Insider Activity

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction on Thursday, August 14th. The stock was 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 $8,354,925.44. This represents a 19.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock worth $17,674,285 in the last quarter. 0.41% of the stock is currently owned by corporate 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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.