Wedge Capital Management L L P NC Sells 8,021 Shares of Cummins Inc. $CMI

Wedge Capital Management L L P NC decreased its position in shares of Cummins Inc. (NYSE:CMI) by 26.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 22,537 shares of the company’s stock after selling 8,021 shares during the period. Wedge Capital Management L L P NC’s holdings in Cummins were worth $11,504,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. State Street Corp raised its stake in shares of Cummins by 1.4% in the second quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after purchasing an additional 92,073 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in Cummins by 2.8% in 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 acquiring an additional 91,956 shares during the period. Norges Bank purchased a new position in shares of Cummins in the second quarter worth approximately $505,941,000. Dimensional Fund Advisors LP boosted its holdings in shares of Cummins by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock worth $649,280,000 after buying an additional 7,372 shares during the last quarter. Finally, Raymond James Financial Inc. grew its position in Cummins by 4.5% during the third quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock valued at $640,090,000 after buying an additional 64,822 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director William I. Miller sold 18,107 shares of the business’s stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the sale, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Earl Newsome sold 1,300 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president owned 3,389 shares in the company, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 31,195 shares of company stock worth $18,397,489. Insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on CMI. Argus set a $696.00 price target on shares of Cummins in a research report on Tuesday, February 10th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a report on Friday, February 6th. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the company a “market perform” rating in a research report on Friday, February 6th. Finally, Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target for the company. in a report on Monday, January 26th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Price Performance

Shares of Cummins stock opened at $523.02 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $72.26 billion, a price-to-earnings ratio of 25.49, a PEG ratio of 1.66 and a beta of 1.12. The stock’s 50-day simple moving average is $571.03 and its 200-day simple moving average is $505.93.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. The firm 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 business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $5.16 earnings per share. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

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.