Calamos Advisors LLC Sells 7,387 Shares of Cummins Inc. (CMI)

Calamos Advisors LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 22.8% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 25,051 shares of the company’s stock after selling 7,387 shares during the quarter. Calamos Advisors LLC’s holdings in Cummins were worth $4,209,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Carroll Financial Associates Inc. lifted its holdings in shares of Cummins by 13.4% in the 2nd quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after acquiring an additional 83 shares during the last quarter. Captrust Financial Advisors bought a new stake in shares of Cummins in the 2nd quarter worth approximately $137,000. Acrospire Investment Management LLC bought a new stake in shares of Cummins in the 2nd quarter worth approximately $146,000. First Interstate Bank lifted its holdings in shares of Cummins by 2.7% in the 2nd quarter. First Interstate Bank now owns 956 shares of the company’s stock worth $155,000 after acquiring an additional 25 shares during the last quarter. Finally, Harbour Capital Advisors LLC bought a new stake in shares of Cummins in the 1st quarter worth approximately $150,000. Hedge funds and other institutional investors own 81.05% of the company’s stock.

A number of equities research analysts have recently weighed in on CMI shares. Stifel Nicolaus restated a “hold” rating and issued a $190.00 price objective (up from $186.00) on shares of Cummins in a report on Wednesday. Buckingham Research started coverage on shares of Cummins in a report on Tuesday, September 5th. They issued a “buy” rating and a $180.00 price objective for the company. Piper Jaffray Companies restated a “hold” rating and issued a $159.00 price objective on shares of Cummins in a report on Thursday, August 3rd. Deutsche Bank AG lowered their price objective on shares of Cummins from $155.00 to $147.00 and set a “sell” rating for the company in a report on Wednesday, August 2nd. Finally, Jefferies Group LLC upped their price target on shares of Cummins from $165.00 to $180.00 and gave the company a “hold” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $168.91.

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In other news, Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $159.27, for a total transaction of $260,087.91. Following the sale, the director now owns 5,814 shares in the company, valued at $925,995.78. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.62% of the stock is owned by insiders.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.24. Cummins had a return on equity of 21.28% and a net margin of 8.49%. The company had revenue of $5.29 billion for the quarter, compared to analyst estimates of $4.79 billion. During the same quarter in the previous year, the firm earned $2.02 earnings per share. The firm’s quarterly revenue was up 26.2% compared to the same quarter last year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Shareholders of record on Friday, November 17th will be paid a $1.08 dividend. The ex-dividend date is Thursday, November 16th. This represents a $4.32 annualized dividend and a yield of 2.44%. Cummins’s dividend payout ratio (DPR) is presently 43.86%.

About Cummins

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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