MGO One Seven LLC Trims Stock Position in Cummins Inc. $CMI

Key Points

• MGO One Seven LLC reduced its stake in Cummins Inc. by 51.9% in the second quarter, holding approximately 3,197 shares valued at $1,047,000.
• Insiders, including CFO Mark Andrew Smith, have sold a total of 43,119 shares in recent months, amounting to $17,674,285 in sales.
• Cummins Inc. reported strong earnings per share of $6.43, exceeding analysts' expectations, with a current consensus rating of "Moderate Buy" and a price target of $407.43.

MGO One Seven LLC lessened its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 51.9% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,197 shares of the company's stock after selling 3,456 shares during the period. MGO One Seven LLC's holdings in Cummins were worth $1,047,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. OFI Invest Asset Management lifted its holdings in shares of Cummins by 61.5% in the second quarter. OFI Invest Asset Management now owns 331 shares of the company's stock valued at $108,000 after purchasing an additional 126 shares in the last quarter. Advocate Group LLC lifted its holdings in shares of Cummins by 1.4% in the second quarter. Advocate Group LLC now owns 22,661 shares of the company's stock valued at $7,422,000 after purchasing an additional 307 shares in the last quarter. Board of the Pension Protection Fund lifted its holdings in shares of Cummins by 414.3% in the second quarter. Board of the Pension Protection Fund now owns 3,600 shares of the company's stock valued at $1,179,000 after purchasing an additional 2,900 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its holdings in shares of Cummins by 11.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 31,861 shares of the company's stock valued at $10,435,000 after purchasing an additional 3,353 shares in the last quarter. Finally, Concurrent Investment Advisors LLC lifted its holdings in shares of Cummins by 3.6% in the second quarter. Concurrent Investment Advisors LLC now owns 12,971 shares of the company's stock valued at $4,248,000 after purchasing an additional 450 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Buying and Selling

In other news, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company's stock, valued at $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares of the company's stock, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Barclays upped their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Melius Research raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Citigroup upped their price objective on shares of Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Finally, Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $407.43.

Cummins Stock Performance

NYSE:CMI opened at $422.34 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a market cap of $58.19 billion, a P/E ratio of 19.86, a P/E/G ratio of 2.04 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $440.51. The firm's 50 day moving average is $410.61 and its two-hundred day moving average is $352.08.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins's dividend payout ratio is presently 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.

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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.