Interval Partners LP Cuts Stake in Cummins Inc. $CMI

Interval Partners LP lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 54.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,590 shares of the company’s stock after selling 28,373 shares during the quarter. Interval Partners LP’s holdings in Cummins were worth $9,964,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares in the last quarter. State Street Corp boosted its holdings in shares of Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after purchasing an additional 92,073 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cummins by 1.3% during the 2nd quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock valued at $1,141,138,000 after purchasing an additional 43,720 shares during the last quarter. Fisher Asset Management LLC grew its position in shares of Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Cummins during the second quarter valued at about $505,941,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other news, VP Jennifer Mary Bush sold 4,270 shares of the firm’s stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president owned 15,130 shares in the company, valued at approximately $8,849,990.90. This trade represents a 22.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,195 shares of company stock valued at $18,397,489 over the last three months. Corporate insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on CMI shares. JPMorgan Chase & Co. increased their price target on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Truist Financial reaffirmed a “buy” rating and set a $703.00 price objective (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Eleven equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Trading Down 0.6%

Shares of NYSE CMI opened at $535.58 on Friday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The business’s 50 day moving average is $574.09 and its two-hundred day moving average is $495.24. The stock has a market capitalization of $74.00 billion, a P/E ratio of 26.10, a PEG ratio of 1.71 and a beta of 1.12.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same period last year, the company earned $5.16 EPS. As a group, research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is presently 38.99%.

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.