Applied Finance Capital Management LLC Sells 10,605 Shares of Cummins Inc. $CMI

Applied Finance Capital Management LLC lowered its position in Cummins Inc. (NYSE:CMI) by 18.8% during the 4th quarter, Holdings Channel reports. The firm owned 45,744 shares of the company’s stock after selling 10,605 shares during the quarter. Cummins comprises approximately 1.7% of Applied Finance Capital Management LLC’s investment portfolio, making the stock its 20th largest holding. Applied Finance Capital Management LLC’s holdings in Cummins were worth $23,350,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Cummins by 0.6% in the fourth 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 in the last quarter. Fisher Asset Management LLC grew its stake in Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in Cummins by 10,317.7% in the fourth 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 in the last quarter. Dimensional Fund Advisors LP grew its stake in 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 purchasing an additional 7,372 shares in the last quarter. Finally, Raymond James Financial Inc. grew its stake in Cummins by 4.5% in the third quarter. Raymond James Financial Inc. now owns 1,515,473 shares of the company’s stock worth $640,090,000 after purchasing an additional 64,822 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $698.36 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The business has a 50-day moving average price of $601.51 and a 200 day moving average price of $554.63. The firm has a market cap of $96.37 billion, a PE ratio of 36.24, a P/E/G ratio of 1.81 and a beta of 1.27.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate 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 analyst estimates of $8.37 billion. During the same quarter in the previous year, the business earned $5.96 EPS. Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 28.39 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.1%. The ex-dividend date is Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

Insider Buying and Selling

In related news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 22,397 shares of company stock worth $14,465,833 in the last quarter. 0.30% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CMI. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. 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. Morgan Stanley increased their target price on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, Citigroup raised their price objective on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $677.87.

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.