Wedge Capital Management L L P NC Sells 32,059 Shares of Cummins Inc. (CMI)

Wedge Capital Management L L P NC lessened its stake in Cummins Inc. (NYSE:CMI) by 20.9% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,522 shares of the company’s stock after selling 32,059 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.07% of Cummins worth $20,419,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Carroll Financial Associates Inc. lifted its holdings in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock valued at $113,000 after purchasing an additional 83 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in Cummins during the third quarter worth $132,000. Captrust Financial Advisors bought a new stake in Cummins during the second quarter worth $137,000. Acrospire Investment Management LLC bought a new stake in Cummins during the second quarter worth $146,000. Finally, First Interstate Bank lifted its holdings in Cummins by 2.7% during the second quarter. First Interstate Bank now owns 956 shares of the company’s stock worth $155,000 after acquiring an additional 25 shares during the period. Institutional investors own 81.94% of the company’s stock.

A number of analysts recently commented on CMI shares. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $188.00 price target on the stock in a report on Monday, October 2nd. Jefferies Group LLC lifted their price target on Cummins from $165.00 to $180.00 and gave the stock a “hold” rating in a report on Wednesday, November 1st. ValuEngine lowered Cummins from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Citigroup Inc. raised their target price on Cummins from $175.00 to $183.00 and gave the stock a “neutral” rating in a research report on Friday, October 13th. Finally, Piper Jaffray Companies set a $170.00 target price on Cummins and gave the stock a “hold” rating in a research report on Tuesday, October 31st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the stock. Cummins currently has a consensus rating of “Hold” and an average target price of $170.28.

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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 value of $260,087.91. Following the completion of the sale, the director now owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.62% of the company’s stock.

Shares of Cummins Inc. (NYSE:CMI) opened at $173.07 on Monday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.57. Cummins Inc. has a 52 week low of $121.43 and a 52 week high of $181.79. The stock has a market capitalization of $28,724.00, a PE ratio of 17.57, a price-to-earnings-growth ratio of 1.39 and a beta of 1.16.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, October 31st. The company reported $2.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 firm had revenue of $5.29 billion during the quarter, compared to analyst estimates of $4.79 billion. During the same quarter in the previous year, the company posted $2.02 earnings per share. The company’s revenue was up 26.2% compared to the same quarter last year. sell-side analysts forecast that Cummins Inc. will post 10.09 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 1st. Stockholders of record on Friday, November 17th will be paid a $1.08 dividend. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date of this dividend is Thursday, November 16th. Cummins’s dividend payout ratio (DPR) is presently 43.86%.

Cummins Profile

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.

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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