Csenge Advisory Group Cuts Position in Cummins Inc. (NYSE:CMI)

Csenge Advisory Group lowered its position in shares of Cummins Inc. (NYSE:CMI) by 4.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 3,493 shares of the company’s stock after selling 145 shares during the quarter. Csenge Advisory Group’s holdings in Cummins were worth $1,029,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. Signaturefd LLC lifted its stake in shares of Cummins by 5.4% during the first quarter. Signaturefd LLC now owns 3,125 shares of the company’s stock worth $921,000 after purchasing an additional 161 shares in the last quarter. FDx Advisors Inc. purchased a new stake in shares of Cummins during the 1st quarter valued at about $203,000. Catalina Capital Group LLC acquired a new position in Cummins during the 1st quarter worth approximately $290,000. Larson Financial Group LLC boosted its holdings in Cummins by 2.3% in the 1st quarter. Larson Financial Group LLC now owns 2,107 shares of the company’s stock worth $621,000 after acquiring an additional 47 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S grew its position in Cummins by 1.1% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 9,979 shares of the company’s stock valued at $2,940,000 after acquiring an additional 105 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $280.01 on Friday. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $304.24. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The firm has a market cap of $38.30 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 1.72 and a beta of 0.99. The stock has a 50 day moving average of $279.20 and a 200-day moving average of $270.56.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. As a group, analysts forecast that Cummins Inc. will post 18.73 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend is Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 49.19%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on CMI shares. The Goldman Sachs Group boosted their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Raymond James initiated coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. TD Cowen lifted their target price on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Finally, UBS Group raised Cummins from a “neutral” rating to a “buy” rating and increased their price target for the company from $254.00 to $321.00 in a report on Friday, March 15th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $287.18.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $5,987,628.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by company 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.