Hazlett Burt & Watson Inc. Has $514,000 Stake in Cummins Inc. $CMI

Hazlett Burt & Watson Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 3.1% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,570 shares of the company’s stock after selling 51 shares during the period. Hazlett Burt & Watson Inc.’s holdings in Cummins were worth $514,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $31,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $37,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $39,000. Finally, Costello Asset Management INC acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $40,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a report on Saturday, September 27th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $397.43.

Insider Activity

In other news, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $13,873,972.60. This trade represents a 20.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by insiders.

Cummins Stock Down 3.1%

Cummins stock opened at $413.28 on Monday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The firm has a 50 day moving average price of $407.21 and a two-hundred day moving average price of $349.70. The firm has a market cap of $56.94 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 1.99 and a beta of 1.04.

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

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is 37.61%.

Cummins Company Profile

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.