Energy Income Partners LLC Sells 71,521 Shares of Cummins Inc. $CMI

Key Points

• Energy Income Partners LLC reduced its Cummins stake by 43.1%, selling 71,521 shares in the first quarter and retaining 94,309 shares valued at approximately $50.7 million. Institutional investors and hedge funds collectively own 83.46% of CMI.
• Cummins reported quarterly EPS of $6.15, exceeding estimates of $5.63, while revenue rose 2.7% year over year to $8.40 billion. The company also increased its quarterly dividend from $2.00 to $2.20 per share.
• Analyst sentiment remains favorable, with 11 Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $740.07. Meanwhile, company insiders sold 13,579 shares worth approximately $9.38 million during the latest quarter.

Energy Income Partners LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 43.1% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 94,309 shares of the company's stock after selling 71,521 shares during the quarter. Energy Income Partners LLC owned approximately 0.07% of Cummins worth $50,740,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of CMI. Thompson Investment Management Inc. bought a new stake in shares of Cummins during the 4th quarter worth about $26,000. Activest Wealth Management raised its holdings in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after acquiring an additional 43 shares during the period. Cedar Mountain Advisors LLC raised its holdings 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 acquiring an additional 45 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in Cummins during the fourth quarter worth approximately $27,000. Finally, Key Financial Inc lifted its position in Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after acquiring an additional 20 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP Bonnie J. Fetch sold 652 shares of the company's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the sale, the executive vice president owned 11,679 shares of the company's stock, valued at $8,177,519.01. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. The trade was a 6.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.

Cummins Stock Down 0.3%

Shares of CMI opened at $662.51 on Tuesday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12 month low of $354.68 and a 12 month high of $737.76. The firm's 50 day moving average is $671.89 and its 200-day moving average is $620.71. The stock has a market capitalization of $91.42 billion, a PE ratio of 34.38, a P/E/G ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company posted $5.96 earnings per share. Equities research analysts forecast that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio is currently 41.52%.

Analysts Set New Price Targets

CMI has been the topic of several research reports. Truist Financial upped their target price on Cummins from $815.00 to $901.00 and gave the company a "buy" rating in a research report on Thursday, July 2nd. Weiss Ratings cut Cummins from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 6th. UBS Group restated a "buy" rating on shares of Cummins in a research note on Wednesday, June 17th. Barclays upped their price objective on Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Finally, Argus increased their price objective on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research report on Monday, June 1st. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $740.07.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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