Martingale Asset Management L P Lowers Stock Holdings in Cummins Inc. (NYSE:CMI)

Martingale Asset Management L P lowered its holdings in Cummins Inc. (NYSE:CMI) by 28.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,093 shares of the company’s stock after selling 1,612 shares during the period. Martingale Asset Management L P’s holdings in Cummins were worth $1,325,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins in the second quarter valued at $28,000. Cultivar Capital Inc. acquired a new position in Cummins in the second quarter valued at $28,000. Lynx Investment Advisory acquired a new position in Cummins in the second quarter valued at $29,000. Prospera Private Wealth LLC acquired a new position in Cummins in the third quarter valued at $32,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in Cummins in the third quarter valued at $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 1.1 %

Shares of NYSE CMI opened at $375.04 on Monday. Cummins Inc. has a 1 year low of $223.35 and a 1 year high of $379.66. The firm has a market cap of $51.45 billion, a price-to-earnings ratio of 24.77, a PEG ratio of 1.82 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The stock’s 50-day simple moving average is $342.77 and its 200-day simple moving average is $307.44.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period in the previous year, the company earned $4.73 earnings per share. The company’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 1.94%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on CMI shares. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their target price for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Robert W. Baird boosted their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $337.67.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last three months. 0.56% of the stock is owned by insiders.

About Cummins

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 Accelera. 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 parts and services, as well as remanufactured parts and engines.