Smithbridge Asset Management Inc. DE Has $1.47 Million Stock Position in Cummins Inc. $CMI

Key Points

• Smithbridge Asset Management cut its Cummins stake by 51.4% in the first quarter, selling 2,894 shares and leaving it with 2,738 shares valued at about $1.47 million.
• Analysts remain mostly bullish on Cummins, with multiple firms raising price targets; the stock now carries a Moderate Buy consensus and an average target of $731.86.
• Cummins reported solid quarterly results, beating EPS estimates and slightly topping revenue expectations, while also paying a $2.00 quarterly dividend that works out to a 1.2% yield.

Smithbridge Asset Management Inc. DE lessened its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 51.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,738 shares of the company's stock after selling 2,894 shares during the quarter. Smithbridge Asset Management Inc. DE's holdings in Cummins were worth $1,473,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Root Financial Partners LLC grew its stake in Cummins by 47.8% in the first quarter. Root Financial Partners LLC now owns 649 shares of the company's stock valued at $349,000 after acquiring an additional 210 shares during the period. TKG Advisors LLC increased its holdings in shares of Cummins by 49.5% in the first quarter. TKG Advisors LLC now owns 1,151 shares of the company's stock worth $619,000 after acquiring an additional 381 shares in the last quarter. IFM Investors Pty Ltd raised its position in shares of Cummins by 3.0% during the first quarter. IFM Investors Pty Ltd now owns 26,898 shares of the company's stock worth $14,472,000 after purchasing an additional 781 shares during the period. Key Financial Inc lifted its holdings in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after purchasing an additional 20 shares in the last quarter. Finally, iA Global Asset Management Inc. lifted its holdings in shares of Cummins by 1,229.3% during the 1st quarter. iA Global Asset Management Inc. now owns 23,409 shares of the company's stock valued at $12,595,000 after purchasing an additional 21,648 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently issued reports on CMI. Argus increased their target price on Cummins from $696.00 to $770.00 and gave the stock a "buy" rating in a research note on Monday, June 1st. Barclays lifted their price target on shares of Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a research note on Wednesday, May 6th. Evercore reiterated an "outperform" rating and issued a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Zacks Research raised shares of Cummins from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Finally, UBS Group restated a "buy" rating on shares of Cummins in a report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Cummins has an average rating of "Moderate Buy" and a consensus target price of $731.86.

Insider Transactions at Cummins

In other news, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the transaction, the executive vice president directly owned 11,679 shares in the company, valued at $8,177,519.01. This represents a 5.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Nathan R. Stoner sold 607 shares of Cummins stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president directly owned 9,447 shares in the company, valued at approximately $6,556,784.82. This represents a 6.04% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is owned by insiders.

Cummins Stock Down 4.4%

Shares of Cummins stock opened at $681.59 on Thursday. The firm has a market cap of $94.05 billion, a PE ratio of 35.37, a P/E/G ratio of 1.74 and a beta of 1.23. The business's 50 day simple moving average is $676.64 and its 200 day simple moving average is $602.12. 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 Inc. has a 52-week low of $325.25 and a 52-week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the firm posted $5.96 EPS. The business's revenue was up 2.7% on a year-over-year basis. On average, analysts predict that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.