SFE Investment Counsel Sells 1,398 Shares of Cummins Inc. (NYSE:CMI)

SFE Investment Counsel lowered its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 5.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 24,338 shares of the company's stock after selling 1,398 shares during the period. Cummins comprises about 1.5% of SFE Investment Counsel's holdings, making the stock its 18th largest holding. SFE Investment Counsel's holdings in Cummins were worth $7,629,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CMI. Meeder Asset Management Inc. lifted its stake in shares of Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after acquiring an additional 52 shares during the last quarter. Capital A Wealth Management LLC bought a new position in Cummins during the 4th quarter valued at approximately $32,000. Olde Wealth Management LLC bought a new position in Cummins during the 1st quarter valued at approximately $30,000. Opal Wealth Advisors LLC bought a new position in Cummins during the 1st quarter valued at approximately $37,000. Finally, Richardson Financial Services Inc. bought a new position in Cummins during the 1st quarter valued at approximately $39,000. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the stock in a transaction dated Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, with a total value of $332,080.00. Following the acquisition, the director directly owned 2,441 shares of the company's stock, valued at $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on CMI shares. UBS Group lowered Cummins from a "buy" rating to a "sell" rating and lowered their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Citigroup reiterated a "buy" rating and set a $360.00 target price (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and upped their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Finally, Robert W. Baird upped their target price on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Cummins presently has a consensus rating of "Hold" and an average price target of $361.92.

Cummins Stock Up 1.1%

CMI stock traded up $3.82 during midday trading on Thursday, hitting $365.80. The company's stock had a trading volume of 1,124,633 shares, compared to its average volume of 887,524. The company has a market cap of $50.39 billion, a PE ratio of 18.20, a P/E/G ratio of 2.01 and a beta of 1.03. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a current ratio of 1.34, a quick ratio of 0.81 and a debt-to-equity ratio of 0.40. The firm's 50-day moving average is $329.69 and its 200-day moving average is $331.02.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The firm's quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the prior year, the firm posted $5.08 EPS. On average, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.19%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's dividend payout ratio is presently 36.22%.

Cummins Company Profile

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.