Aventail Capital Group LP Sells 1,281 Shares of Cummins Inc. $CMI

Aventail Capital Group LP reduced its holdings in Cummins Inc. (NYSE:CMI) by 13.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,083 shares of the company’s stock after selling 1,281 shares during the quarter. Aventail Capital Group LP’s holdings in Cummins were worth $4,126,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Fisher Asset Management LLC boosted 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 worth $1,422,121,000 after buying an additional 91,956 shares during the period. Accredited Wealth Management LLC boosted its position in shares of Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after buying an additional 3,100 shares during the period. Payden & Rygel acquired a new position in shares of Cummins during the third quarter worth about $9,757,000. Jefferies Financial Group Inc. acquired a new position in shares of Cummins during the third quarter worth about $11,129,000. Finally, TIAA Trust National Association boosted its position in shares of Cummins by 836.5% during the third quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock worth $14,832,000 after buying an additional 31,367 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

CMI opened at $718.51 on Thursday. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $733.48. The firm has a market capitalization of $99.15 billion, a PE ratio of 37.29, a PEG ratio of 1.71 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The business’s 50-day simple moving average is $657.38 and its 200 day simple moving average is $588.25.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s revenue was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.96 earnings per share. As a group, sell-side analysts expect that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. Cummins’s payout ratio is presently 41.52%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Raymond James Financial upped their price objective on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Evercore reaffirmed an “outperform” rating and set a $845.00 price objective on shares of Cummins in a research report on Monday, May 11th. Wells Fargo & Company upped their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $731.86.

Insider Buying and Selling at Cummins

In related news, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. The trade was a 29.03% 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 730 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares in the company, valued at $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 13,579 shares of company stock worth $9,377,684 in the last three months. 0.30% of the stock is owned by insiders.

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.