Cummins Inc. $CMI Position Reduced by Curated Wealth Partners LLC

Curated Wealth Partners LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 99.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,604 shares of the company’s stock after selling 626,938 shares during the period. Curated Wealth Partners LLC’s holdings in Cummins were worth $1,345,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Valmark Advisers Inc. grew its stake in shares of Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after acquiring an additional 16 shares in the last quarter. Guardian Partners Inc. raised its position in Cummins by 1.0% in the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after acquiring an additional 16 shares during the period. Uhlmann Price Securities LLC boosted its stake in Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after acquiring an additional 17 shares during the last quarter. Legacy Financial Advisors Inc. boosted its stake in Cummins by 2.0% in the second quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock valued at $681,000 after acquiring an additional 19 shares during the last quarter. Finally, Mengis Capital Management Inc. grew its position in shares of Cummins by 0.3% during the 4th quarter. Mengis Capital Management Inc. now owns 6,463 shares of the company’s stock valued at $3,299,000 after acquiring an additional 20 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMI. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. CICC Research assumed coverage on Cummins in a research report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price for the company. Bank of America dropped their price target on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Evercore cut their price target on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research note on Tuesday, August 11th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $708.18.

Insiders Place Their Bets

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.30% of the stock is owned by insiders.

Cummins Stock Performance

Cummins stock traded down $1.84 during mid-day trading on Thursday, reaching $524.12. The company’s stock had a trading volume of 431,950 shares, compared to its average volume of 985,426. Cummins Inc. has a 12-month low of $405.82 and a 12-month high of $737.76. The company has a market capitalization of $72.15 billion, a P/E ratio of 26.81, a PEG ratio of 1.39 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The firm’s fifty day moving average price is $560.36 and its two-hundred day moving average price is $620.42.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $6.43 EPS. Sell-side analysts predict that Cummins Inc. will post 30.10 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date is Friday, November 20th. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.