South Dakota Investment Council Trims Stock Position in Cummins Inc. (NYSE:CMI)

South Dakota Investment Council decreased its holdings in shares of Cummins Inc. (NYSE:CMIGet Rating) by 14.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,273 shares of the company’s stock after selling 560 shares during the period. South Dakota Investment Council’s holdings in Cummins were worth $714,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. EP Wealth Advisors LLC grew its holdings in shares of Cummins by 7,718.0% in the 3rd quarter. EP Wealth Advisors LLC now owns 505,511 shares of the company’s stock worth $859,000 after acquiring an additional 499,045 shares during the period. Voloridge Investment Management LLC grew its holdings in shares of Cummins by 5,773.0% in the 3rd quarter. Voloridge Investment Management LLC now owns 401,069 shares of the company’s stock worth $90,064,000 after acquiring an additional 394,240 shares during the period. Epoch Investment Partners Inc. acquired a new stake in shares of Cummins in the 3rd quarter worth approximately $87,129,000. First Trust Advisors LP grew its holdings in shares of Cummins by 28.8% in the 4th quarter. First Trust Advisors LP now owns 1,180,910 shares of the company’s stock worth $257,604,000 after acquiring an additional 264,096 shares during the period. Finally, Deutsche Bank AG grew its holdings in shares of Cummins by 25.8% in the 3rd quarter. Deutsche Bank AG now owns 901,110 shares of the company’s stock worth $202,354,000 after acquiring an additional 185,031 shares during the period. Institutional investors own 79.73% of the company’s stock.

A number of equities research analysts have commented on the company. Credit Suisse Group increased their target price on Cummins from $301.00 to $304.00 and gave the company an “outperform” rating in a report on Friday, February 4th. Citigroup lowered their target price on Cummins from $260.00 to $220.00 in a report on Tuesday, April 12th. StockNews.com lowered Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, March 30th. Zacks Investment Research raised Cummins from a “sell” rating to a “hold” rating and set a $204.00 price target on the stock in a research note on Friday, April 15th. Finally, UBS Group lowered Cummins from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $260.00 to $214.00 in a research note on Friday, March 18th. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $259.33.

NYSE:CMI traded down $5.29 during mid-day trading on Friday, reaching $189.19. The stock had a trading volume of 854,298 shares, compared to its average volume of 1,032,225. The company has a market capitalization of $26.88 billion, a price-to-earnings ratio of 12.97, a price-to-earnings-growth ratio of 1.27 and a beta of 1.04. Cummins Inc. has a 1-year low of $188.42 and a 1-year high of $273.65. The stock’s 50 day simple moving average is $201.11 and its two-hundred day simple moving average is $217.77. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.74 and a quick ratio of 1.12.

Cummins (NYSE:CMIGet Rating) last posted its quarterly earnings results on Thursday, February 3rd. The company reported $2.85 EPS for the quarter, missing the Zacks’ consensus estimate of $3.08 by ($0.23). The firm had revenue of $5.85 billion during the quarter, compared to analyst estimates of $5.81 billion. Cummins had a return on equity of 23.63% and a net margin of 8.87%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the business posted $3.36 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 17.41 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 3rd. Investors of record on Friday, February 18th were paid a $1.45 dividend. The ex-dividend date was Thursday, February 17th. This represents a $5.80 dividend on an annualized basis and a yield of 3.07%. Cummins’s dividend payout ratio (DPR) is 39.75%.

In other Cummins news, CEO Norman Thomas Linebarger sold 37,510 shares of the firm’s stock in a transaction dated Thursday, March 31st. The shares were sold at an average price of $207.09, for a total value of $7,767,945.90. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jennifer Rumsey sold 420 shares of the firm’s stock in a transaction dated Thursday, March 31st. The stock was sold at an average price of $208.41, for a total transaction of $87,532.20. Following the completion of the transaction, the chief operating officer now directly owns 2,052 shares in the company, valued at approximately $427,657.32. The disclosure for this sale can be found here. Insiders sold 44,348 shares of company stock valued at $9,180,117 over the last quarter. Insiders own 1.00% of the company’s stock.

About Cummins (Get Rating)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and New Power. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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