Harfst & Associates Inc. Reduces Stock Position in Cummins Inc. (NYSE:CMI)

Harfst & Associates Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 5.5% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 7,990 shares of the company’s stock after selling 463 shares during the quarter. Harfst & Associates Inc.’s holdings in Cummins were worth $2,587,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Quadrature Capital Ltd boosted its position in shares of Cummins by 6.9% during the 4th quarter. Quadrature Capital Ltd now owns 2,533 shares of the company’s stock valued at $607,000 after acquiring an additional 163 shares during the last quarter. Wedmont Private Capital boosted its holdings in Cummins by 12.2% in the 1st quarter. Wedmont Private Capital now owns 1,134 shares of the company’s stock valued at $342,000 after purchasing an additional 123 shares during the last quarter. Gulf International Bank UK Ltd grew its stake in shares of Cummins by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 12,150 shares of the company’s stock valued at $3,579,000 after buying an additional 68 shares during the period. MJP Associates Inc. ADV acquired a new stake in shares of Cummins during the 1st quarter worth approximately $202,000. Finally, &PARTNERS acquired a new position in Cummins in the first quarter valued at approximately $258,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Raymond James initiated coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Evercore ISI upped their target price on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. JPMorgan Chase & Co. increased their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, Citigroup increased their price objective on shares of Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus target price of $311.55.

Cummins Stock Up 0.8 %

Shares of NYSE:CMI traded up $2.52 during trading on Friday, hitting $335.51. The company’s stock had a trading volume of 1,534,690 shares, compared to its average volume of 1,565,059. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $340.82. The business has a 50 day moving average price of $312.64 and a two-hundred day moving average price of $294.85. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The company has a market capitalization of $45.89 billion, a PE ratio of 24.55, a P/E/G ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same period last year, the business posted $5.18 earnings per share. Cummins’s revenue was up 2.3% compared to the same quarter last year. As a group, research analysts expect that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.17%. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

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.