Savant Capital LLC Has $3.12 Million Position in Cummins Inc. $CMI

Key Points

• Savant Capital LLC cut its Cummins stake by 73.9% in the fourth quarter, selling 17,290 shares and ending with 6,108 shares valued at about $3.12 million.
• Cummins reported strong quarterly results, with EPS of $6.15 topping estimates and revenue of $8.40 billion slightly above forecasts; revenue also rose 2.7% year over year.
• The company announced a $2.00 quarterly dividend payable June 4, while analysts remain positive overall with a Moderate Buy consensus and an average price target of $700.50.

Savant Capital LLC reduced its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 73.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 6,108 shares of the company's stock after selling 17,290 shares during the period. Savant Capital LLC's holdings in Cummins were worth $3,118,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Vanguard Group Inc. increased its stake in shares of Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company's stock worth $9,058,841,000 after purchasing an additional 98,544 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company's stock worth $1,822,534,000 after purchasing an additional 35,286 shares during the last quarter. Fisher Asset Management LLC increased its stake in shares of Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company's stock worth $1,741,004,000 after purchasing an additional 43,722 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in shares of Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Cummins by 0.5% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company's stock worth $649,280,000 after purchasing an additional 7,372 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 3.3%

Shares of CMI opened at $646.53 on Friday. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $718.08. The firm has a market cap of $89.22 billion, a P/E ratio of 33.55, a price-to-earnings-growth ratio of 1.57 and a beta of 1.27. The firm's 50-day simple moving average is $623.70 and its 200 day simple moving average is $569.87. 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 announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the business earned $5.96 EPS. Cummins's quarterly revenue was up 2.7% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 29.4 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. Cummins's payout ratio is currently 41.52%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Raymond James Financial boosted their price objective on shares of Cummins from $675.00 to $745.00 and gave the stock an "outperform" rating in a research note on Tuesday. Morgan Stanley boosted their price objective on shares of Cummins from $675.00 to $752.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Cummins from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Wall Street Zen lowered shares of Cummins from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Cummins has a consensus rating of "Moderate Buy" and a consensus price target of $700.50.

Insider Transactions at Cummins

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company's stock, valued at $7,165,755. The trade was a 6.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the business's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares of the company's stock, valued at $8,344,773.06. This represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 17,633 shares of company stock worth $11,653,357. Company insiders own 0.30% of the company's stock.

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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