Logan Capital Management Inc. Lowers Position in Cummins Inc. $CMI

Logan Capital Management Inc. decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 8.8% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 16,544 shares of the company’s stock after selling 1,606 shares during the period. Logan Capital Management Inc.’s holdings in Cummins were worth $5,418,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its holdings in Cummins by 24.7% during the 2nd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 36,361 shares of the company’s stock worth $11,908,000 after acquiring an additional 7,200 shares during the last quarter. Transcend Capital Advisors LLC bought a new position in shares of Cummins during the second quarter valued at about $290,000. Envestnet Asset Management Inc. boosted its holdings in Cummins by 4.9% during the second quarter. Envestnet Asset Management Inc. now owns 808,223 shares of the company’s stock worth $264,693,000 after purchasing an additional 37,652 shares during the last quarter. Wealthfront Advisers LLC grew its position in Cummins by 6.5% in the 2nd quarter. Wealthfront Advisers LLC now owns 11,493 shares of the company’s stock worth $3,764,000 after purchasing an additional 705 shares in the last quarter. Finally, QV Investors Inc. increased its stake in Cummins by 0.6% in the 2nd quarter. QV Investors Inc. now owns 14,305 shares of the company’s stock valued at $4,685,000 after buying an additional 90 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on CMI shares. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Citigroup lifted their price target on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. Wells Fargo & Company raised Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Barclays boosted their price target on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a report on Monday, October 20th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $410.50.

Insider Buying and Selling

In related news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director directly owned 5,227 shares in the company, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,119 shares of company stock valued at $17,674,285. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Down 0.2%

Shares of NYSE CMI opened at $420.68 on Tuesday. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The business’s fifty day moving average price is $413.14 and its 200-day moving average price is $359.14. The stock has a market capitalization of $57.96 billion, a PE ratio of 19.78, a P/E/G ratio of 1.95 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the firm posted $5.26 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

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.