Interval Partners LP Sells 15,163 Shares of Cummins Inc. $CMI

Key Points

• Interval Partners LP significantly reduced its stake in Cummins Inc. by 59.3%, now holding 10,397 shares valued at approximately $3.26 million.
• Insiders at Cummins sold a total of 26,039 shares within the last ninety days, valued at over $10 million, indicating a notable decrease in their ownership positions.
• Analysts have generally upgraded their ratings for Cummins, with nine rating it a Buy and a new price target set as high as $500.00.

Interval Partners LP trimmed its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 59.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,397 shares of the company's stock after selling 15,163 shares during the period. Interval Partners LP's holdings in Cummins were worth $3,259,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the stock. Hancock Whitney Corp lifted its position in shares of Cummins by 2.1% during the first quarter. Hancock Whitney Corp now owns 40,180 shares of the company's stock worth $12,594,000 after purchasing an additional 821 shares in the last quarter. Clark Capital Management Group Inc. lifted its position in shares of Cummins by 22,867.9% during the first quarter. Clark Capital Management Group Inc. now owns 172,948 shares of the company's stock worth $54,209,000 after purchasing an additional 172,195 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Cummins by 10.4% during the first quarter. Alliancebernstein L.P. now owns 184,205 shares of the company's stock worth $57,737,000 after purchasing an additional 17,418 shares in the last quarter. AQR Capital Management LLC lifted its position in shares of Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock worth $314,942,000 after purchasing an additional 424,294 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its position in shares of Cummins by 30.7% during the first quarter. Advisors Asset Management Inc. now owns 41,739 shares of the company's stock worth $13,083,000 after purchasing an additional 9,810 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other news, VP Robert Enright sold 1,860 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president directly owned 955 shares of the company's stock, valued at $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Andrew Smith sold 6,500 shares of the stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 26,039 shares of company stock valued at $10,385,075 in the last three months. 0.41% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CMI shares. Truist Financial boosted their price target on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a research note on Monday, August 11th. Robert W. Baird boosted their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Finally, Melius Research raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $389.29.

Cummins Stock Up 2.6%

CMI traded up $10.11 during trading hours on Wednesday, hitting $404.89. 846,285 shares of the company's stock were exchanged, compared to its average volume of 868,658. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $408.38. The stock's 50-day moving average is $373.56 and its two-hundred day moving average is $336.29. The stock has a market cap of $55.79 billion, a price-to-earnings ratio of 19.04, a PEG ratio of 1.92 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

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

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a dividend of $2.00 per share. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.0%. Cummins's dividend payout ratio is currently 37.61%.

About Cummins

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.