Manning & Napier Advisors LLC Has $9.06 Million Stock Holdings in Cummins Inc. $CMI

Key Points

• Manning & Napier Advisors trimmed its Cummins position by 7.8% in the fourth quarter, selling 1,493 shares and ending with 17,643 shares valued at about $9.06 million.
• Cummins reported stronger-than-expected quarterly results, posting EPS of $6.15 versus estimates of $5.63 and revenue of $8.40 billion, while revenue rose 2.7% from a year earlier.
• Analysts remain moderately bullish on the stock overall, with a consensus rating of “Moderate Buy” and an average price target of $649.47, even as some firms recently adjusted their ratings and targets.

Manning & Napier Advisors LLC cut its position in Cummins Inc. (NYSE:CMI - Free Report) by 7.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 17,643 shares of the company's stock after selling 1,493 shares during the period. Manning & Napier Advisors LLC's holdings in Cummins were worth $9,062,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Frank Rimerman Advisors LLC raised its holdings in Cummins by 0.5% in the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company's stock worth $1,908,000 after purchasing an additional 18 shares during the period. Financial Consulate Inc. raised its position in shares of Cummins by 16.8% during the fourth quarter. Financial Consulate Inc. now owns 125 shares of the company's stock worth $64,000 after purchasing an additional 18 shares during the period. Gilbert & Cook Inc. raised its position in shares of Cummins by 1.0% during the fourth quarter. Gilbert & Cook Inc. now owns 1,856 shares of the company's stock worth $947,000 after purchasing an additional 19 shares during the period. Sound View Wealth Advisors Group LLC raised its position in shares of Cummins by 2.1% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 981 shares of the company's stock worth $501,000 after purchasing an additional 20 shares during the period. Finally, Red Door Wealth Management LLC raised its position in shares of Cummins by 2.3% during the fourth quarter. Red Door Wealth Management LLC now owns 878 shares of the company's stock worth $448,000 after purchasing an additional 20 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 0.5%

CMI stock opened at $679.25 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.16 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $93.73 billion, a PE ratio of 35.25, a PEG ratio of 1.75 and a beta of 1.27. Cummins Inc. has a 1-year low of $305.13 and a 1-year high of $718.08. The business's 50 day simple moving average is $586.92 and its 200 day simple moving average is $543.54.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm's revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $5.96 EPS. As a group, research analysts anticipate that Cummins Inc. will post 27.9 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins's payout ratio is presently 41.52%.

Insiders Place Their Bets

In related news, Director William I. Miller sold 18,107 shares of the company's stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the transaction, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the company's stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the transaction, the vice president owned 7,214 shares in the company, valued at approximately $4,329,337.82. This trade represents a 18.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 33,603 shares of company stock worth $20,047,788 in the last 90 days. Corporate insiders own 0.30% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on CMI shares. Wolfe Research lowered Cummins from an "outperform" rating to a "peer perform" rating and set a $540.00 price target on the stock. in a research report on Monday, January 26th. JPMorgan Chase & Co. raised their price target on Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research report on Wednesday. Barclays raised their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an "overweight" rating in a report on Wednesday. Zacks Research upgraded shares of Cummins from a "hold" rating to a "strong-buy" rating in a report on Thursday. Finally, UBS Group set a $565.00 price objective on shares of Cummins and gave the stock a "neutral" rating in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $649.47.

Cummins 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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.