First Western Capital Management Co Cuts Stake in Cummins Inc. (CMI)

First Western Capital Management Co lowered its position in Cummins Inc. (NYSE:CMI) by 14.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,971 shares of the company’s stock after selling 683 shares during the period. First Western Capital Management Co’s holdings in Cummins were worth $644,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in CMI. State Street Corp raised its stake in Cummins by 0.5% in the first quarter. State Street Corp now owns 12,238,897 shares of the company’s stock worth $1,850,515,000 after buying an additional 61,286 shares during the period. Vanguard Group Inc. raised its stake in Cummins by 4.7% in the first quarter. Vanguard Group Inc. now owns 11,315,964 shares of the company’s stock worth $1,710,973,000 after buying an additional 510,416 shares during the period. BlackRock Inc. raised its stake in Cummins by 2,874.8% in the first quarter. BlackRock Inc. now owns 10,211,140 shares of the company’s stock worth $1,543,924,000 after buying an additional 9,867,890 shares during the period. American International Group Inc. raised its stake in Cummins by 1.7% in the first quarter. American International Group Inc. now owns 3,471,072 shares of the company’s stock worth $524,826,000 after buying an additional 59,401 shares during the period. Finally, American Century Companies Inc. raised its stake in Cummins by 18.1% in the first quarter. American Century Companies Inc. now owns 2,633,596 shares of the company’s stock worth $398,200,000 after buying an additional 402,929 shares during the period. Institutional investors own 80.34% of the company’s stock.

Cummins Inc. (CMI) opened at 155.83 on Friday. The stock has a market capitalization of $26.02 billion, a P/E ratio of 17.61 and a beta of 1.09. The company has a 50 day moving average of $162.75 and a 200-day moving average of $155.12. Cummins Inc. has a 52-week low of $116.03 and a 52-week high of $170.68.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.58 by $0.05. The company had revenue of $5.08 billion during the quarter, compared to analyst estimates of $4.80 billion. Cummins had a net margin of 8.10% and a return on equity of 20.67%. The company’s revenue was up 12.1% on a year-over-year basis. During the same period in the prior year, the company earned $2.40 earnings per share. Equities research analysts anticipate that Cummins Inc. will post $7.98 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a $1.08 dividend. The ex-dividend date is Wednesday, August 16th. This is a boost from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 annualized dividend and a yield of 2.77%. Cummins’s dividend payout ratio is currently 46.28%.

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CMI has been the topic of a number of research reports. Deutsche Bank AG reiterated a “sell” rating and set a $154.00 target price (up from $142.00) on shares of Cummins in a report on Wednesday, May 3rd. Royal Bank Of Canada reiterated a “hold” rating and set a $166.00 target price on shares of Cummins in a report on Monday, June 5th. ValuEngine upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Piper Jaffray Companies reiterated a “hold” rating and set a $159.00 target price on shares of Cummins in a report on Thursday, August 3rd. Finally, Stifel Nicolaus increased their target price on shares of Cummins from $160.00 to $168.00 and gave the stock a “hold” rating in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $156.21.

In related news, insider Tony Satterthwaite sold 4,000 shares of the company’s stock in a transaction on Thursday, July 6th. The shares were sold at an average price of $164.50, for a total value of $658,000.00. Following the sale, the insider now directly owns 41,902 shares of the company’s stock, valued at $6,892,879. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Georgia R. Nelson sold 1,086 shares of the company’s stock in a transaction on Thursday, May 25th. The shares were sold at an average price of $156.10, for a total transaction of $169,524.60. Following the completion of the sale, the director now directly owns 16,512 shares in the company, valued at $2,577,523.20. The disclosure for this sale can be found here. Insiders sold 60,969 shares of company stock worth $10,053,755 over the last ninety days. 0.62% of the stock is currently owned by corporate insiders.

About Cummins

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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