Manning & Napier Advisors LLC Sells 2,588 Shares of Cummins Inc. $CMI

Key Points

• Manning & Napier Advisors cut its Cummins stake by 14.7% in the first quarter, selling 2,588 shares and leaving it with 15,055 shares valued at about $8.1 million.
• Insider selling has also been notable, with vice presidents Donald G. Jackson and Marvin Boakye both selling shares; insiders have sold 13,579 shares worth about $9.38 million over the last 90 days.
• Cummins posted solid earnings, beating Wall Street estimates with $6.15 EPS on $8.40 billion in revenue, while analysts remain broadly bullish with a consensus “Moderate Buy” rating and a $738 average price target.

Manning & Napier Advisors LLC lowered its position in Cummins Inc. (NYSE:CMI - Free Report) by 14.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,055 shares of the company's stock after selling 2,588 shares during the quarter. Manning & Napier Advisors LLC's holdings in Cummins were worth $8,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Thompson Investment Management Inc. bought a new stake in Cummins in the fourth quarter worth $26,000. Activest Wealth Management grew its stake in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC bought a new position in shares of Cummins during the fourth quarter valued at about $27,000. Key Financial Inc increased its holdings in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after buying an additional 20 shares during the period. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Cummins in the fourth quarter worth about $28,000. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares of the company's stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the company's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the sale, the vice president owned 8,508 shares in the company, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,579 shares of company stock worth $9,377,684 over the last 90 days. Corporate insiders own 0.30% of the company's stock.

Cummins Trading Up 0.5%

Shares of Cummins stock traded up $3.54 during midday trading on Friday, reaching $676.93. 572,903 shares of the company's stock traded hands, compared to its average volume of 1,073,951. The stock has a 50 day moving average of $679.54 and a 200-day moving average of $609.34. Cummins Inc. has a 12 month low of $334.70 and a 12 month high of $737.76. The company has a market cap of $93.41 billion, a PE ratio of 35.13, a price-to-earnings-growth ratio of 1.65 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the business posted $5.96 earnings per share. Cummins's quarterly revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts expect that Cummins Inc. will post 29.32 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins's dividend payout ratio (DPR) is presently 41.52%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CMI. Sanford C. Bernstein restated a "market perform" rating on shares of Cummins in a report on Friday, May 22nd. Raymond James Financial lifted their price target on Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 26th. Barclays boosted their price objective on Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Wells Fargo & Company increased their price objective on Cummins from $794.00 to $874.00 and gave the company an "overweight" rating in a research note on Wednesday, June 17th. Finally, Morgan Stanley raised their target price on shares of Cummins from $675.00 to $752.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $738.00.

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.

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