Forte Capital LLC ADV Reduces Holdings in Cummins Inc. (NYSE:CMI)

Forte Capital LLC ADV lowered its position in Cummins Inc. (NYSE:CMI) by 2.1% in the 4th quarter, HoldingsChannel reports. The fund owned 8,345 shares of the company’s stock after selling 179 shares during the period. Forte Capital LLC ADV’s holdings in Cummins were worth $1,999,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. International Assets Investment Management LLC increased its position in shares of Cummins by 21,025.8% during the fourth quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after buying an additional 731,697 shares during the period. iA Global Asset Management Inc. purchased a new stake in Cummins in the 3rd quarter worth approximately $71,268,000. Envestnet Asset Management Inc. boosted its holdings in Cummins by 88.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after purchasing an additional 274,927 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Cummins by 28.2% in the third quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock worth $244,710,000 after buying an additional 235,372 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Up 0.2 %

Shares of NYSE:CMI traded up $0.45 during midday trading on Friday, hitting $280.74. 1,058,929 shares of the stock traded hands, compared to its average volume of 954,800. The company has a quick ratio of 0.74, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average is $285.39 and its two-hundred day moving average is $252.55. The stock has a market capitalization of $38.39 billion, a PE ratio of 20.55, a P/E/G ratio of 1.91 and a beta of 1.04. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter in the prior year, the firm earned $4.52 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 18.45 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.39%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 49.19%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the transaction, the vice president now owns 16,899 shares in the company, valued at approximately $4,584,529.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total transaction of $569,709.00. Following the completion of the transaction, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel William Fisher bought 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The stock was acquired at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock valued at $13,576,838 over the last three months. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on CMI. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. The Goldman Sachs Group increased their price target on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. Bank of America cut shares of Cummins from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $243.00 to $225.00 in a research report on Friday, January 19th. Finally, Morgan Stanley began coverage on shares of Cummins in a research note on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target for the company. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $282.55.

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.