Olstein Capital Management L.P. Reduces Holdings in Cummins Inc. $CMI

Olstein Capital Management L.P. lowered its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 40.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,700 shares of the company's stock after selling 3,250 shares during the period. Olstein Capital Management L.P.'s holdings in Cummins were worth $2,399,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. MGO One Seven LLC lifted its stake in Cummins by 10.1% in the 4th quarter. MGO One Seven LLC now owns 14,821 shares of the company's stock valued at $7,565,000 after buying an additional 1,354 shares in the last quarter. Crestwood Advisors Group LLC increased its position in Cummins by 12.4% during the fourth quarter. Crestwood Advisors Group LLC now owns 2,854 shares of the company's stock worth $1,457,000 after buying an additional 315 shares in the last quarter. Kassira Wealth Management LLC purchased a new position in Cummins during the fourth quarter worth $230,000. Sequoia Financial Advisors LLC raised its holdings in shares of Cummins by 35.5% in the fourth quarter. Sequoia Financial Advisors LLC now owns 6,398 shares of the company's stock worth $3,266,000 after acquiring an additional 1,675 shares during the last quarter. Finally, WealthShield Partners LLC raised its holdings in shares of Cummins by 4.3% in the fourth quarter. WealthShield Partners LLC now owns 5,703 shares of the company's stock worth $2,911,000 after acquiring an additional 235 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMI. Wall Street Zen downgraded Cummins from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 8th. Wells Fargo & Company boosted their target price on shares of Cummins from $693.00 to $794.00 and gave the company an "overweight" rating in a research note on Wednesday. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the company a "market perform" rating in a report on Friday, February 6th. Citigroup raised their price target on shares of Cummins from $710.00 to $770.00 and gave the stock a "buy" rating in a research note on Wednesday. Finally, Truist Financial set a $815.00 price target on shares of Cummins in a report on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Cummins has an average rating of "Moderate Buy" and a consensus price target of $649.47.

Cummins Stock Performance

NYSE:CMI opened at $681.79 on Friday. The company has a market cap of $94.20 billion, a P/E ratio of 35.38, a P/E/G ratio of 2.26 and a beta of 1.27. The firm's 50 day moving average is $586.92 and its two-hundred day moving average is $543.54. Cummins Inc. has a fifty-two week low of $300.93 and a fifty-two week high of $718.08. The company has a quick ratio of 1.16, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business's quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the company earned $5.96 EPS. Analysts expect that Cummins Inc. will post 26.06 EPS for the current year.

Cummins Dividend Announcement

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

Insider Activity

In other Cummins news, VP Earl Newsome sold 1,300 shares of the company's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares in the company, valued at $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William I. Miller sold 18,107 shares of the firm's stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 31,195 shares of company stock valued at $18,397,489 in the last 90 days. 0.30% of the stock is owned by corporate insiders.

Trending Headlines about Cummins

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Cummins reported a Q1 beat and management reiterated a stronger outlook on the earnings call; that beat and guidance lift are supporting the rally into the recent highs. Read More.
• Positive Sentiment: Wells Fargo raised its price target to $794 and put an "overweight" rating on CMI, signaling significant upside expectations from a major shop. Read More.
• Positive Sentiment: JPMorgan raised its target to $725 (while keeping a neutral stance), and other analyst updates have generally moved targets higher — a near-term positive technical and sentiment driver. Read More.
• Positive Sentiment: Market momentum: CMI has hit a 52-week high and several market-commentary pieces highlight it as a momentum/dividend-growth idea, which can attract trend-following flows. Read More.
• Neutral Sentiment: Analysts are reworking models and assumptions — some target moves reflect longer-term shifts (EV/zero-emission opportunity) rather than immediate margin expansion; this creates mixed near-term guidance changes. Read More.
• Positive Sentiment: Cummins is publicly refocusing more of its portfolio toward zero-emission growth, which supports a higher long-term growth multiple though it may require near-term investment. Read More.
• Negative Sentiment: Offsetting the positives, management flagged weakness in the trucking end market and some mixed Q1 trends that could pressure near-term aftermarket and OEM volumes. Read More.

Cummins Company 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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