Manning & Napier Advisors LLC Cuts Stock Position in Cummins Inc. (NYSE:CMI)

Manning & Napier Advisors LLC lessened its position in Cummins Inc. (NYSE:CMI - Free Report) by 8.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,195 shares of the company's stock after selling 4,027 shares during the quarter. Manning & Napier Advisors LLC's holdings in Cummins were worth $14,479,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in CMI. Center for Financial Planning Inc. bought a new position in shares of Cummins during the 1st quarter valued at about $177,000. Heartland Bank & Trust Co boosted its stake in Cummins by 28.3% in the first quarter. Heartland Bank & Trust Co now owns 2,639 shares of the company's stock worth $827,000 after buying an additional 582 shares in the last quarter. Absher Wealth Management LLC boosted its stake in Cummins by 2.4% in the first quarter. Absher Wealth Management LLC now owns 5,895 shares of the company's stock worth $1,848,000 after buying an additional 136 shares in the last quarter. First American Bank grew its position in Cummins by 1.0% during the first quarter. First American Bank now owns 13,644 shares of the company's stock valued at $4,277,000 after acquiring an additional 138 shares during the last quarter. Finally, PFG Investments LLC raised its stake in shares of Cummins by 2.5% during the first quarter. PFG Investments LLC now owns 2,260 shares of the company's stock worth $708,000 after acquiring an additional 56 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Wall Street Analyst Weigh In

CMI has been the subject of a number of research reports. Robert W. Baird cut their price objective on shares of Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. UBS Group cut Cummins from a "buy" rating to a "sell" rating and reduced their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Citigroup boosted their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, May 12th. Evercore ISI reduced their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research report on Monday, May 19th. Finally, Wall Street Zen lowered Cummins from a "buy" rating to a "hold" rating in a research note on Tuesday, March 25th. One investment 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $357.25.

Cummins Trading Down 0.1%

NYSE CMI traded down $0.42 during trading on Friday, hitting $314.57. The company had a trading volume of 1,222,166 shares, compared to its average volume of 777,640. The company's fifty day moving average is $311.12 and its 200-day moving average is $334.30. The company has a market cap of $43.34 billion, a price-to-earnings ratio of 15.65, a price-to-earnings-growth ratio of 1.89 and a beta of 1.04. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. Cummins Inc. has a one year low of $260.02 and a one year high of $387.90.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $5.96 EPS for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion during the quarter, compared to analyst estimates of $8.22 billion. Cummins had a net margin of 8.20% and a return on equity of 26.88%. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period last year, the business posted $5.08 earnings per share. On average, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Friday, May 23rd were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Friday, May 23rd. Cummins's payout ratio is presently 36.22%.

Insider Activity at Cummins

In other Cummins news, Director John H. Stone purchased 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the purchase, the director now directly owns 2,441 shares in the company, valued at $810,607.28. The trade was a 69.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is currently owned by corporate insiders.

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.