Portside Wealth Group LLC Reduces Stake in Cummins Inc. (NYSE:CMI)

Portside Wealth Group LLC trimmed its stake in Cummins Inc. (NYSE:CMI) by 14.4% during the first quarter, Holdings Channel reports. The fund owned 1,078 shares of the company’s stock after selling 181 shares during the period. Portside Wealth Group LLC’s holdings in Cummins were worth $338,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Cummins by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 16,961,646 shares of the company’s stock valued at $5,912,830,000 after buying an additional 250,650 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Cummins by 2.6% in the 4th quarter. Geode Capital Management LLC now owns 3,377,583 shares of the company’s stock worth $1,174,504,000 after buying an additional 84,112 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Cummins by 2.2% in the 4th quarter. Fisher Asset Management LLC now owns 3,072,457 shares of the company’s stock worth $1,071,059,000 after buying an additional 66,887 shares during the last quarter. Northern Trust Corp grew its holdings in shares of Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock valued at $656,418,000 after purchasing an additional 246,807 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Cummins by 6.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company’s stock valued at $566,856,000 after purchasing an additional 99,009 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE:CMI opened at $327.08 on Wednesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.31 and a quick ratio of 0.80. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $387.90. The company has a market capitalization of $45.06 billion, a P/E ratio of 11.61, a P/E/G ratio of 2.19 and a beta of 1.04. The firm’s 50 day simple moving average is $305.05 and its two-hundred day simple moving average is $337.76.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The business had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. During the same quarter in the previous year, the firm earned $5.08 earnings per share. The company’s revenue for the quarter was down 2.7% on a year-over-year basis. Research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 5th. Investors of record on Friday, May 23rd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.23%. The ex-dividend date was Friday, May 23rd. Cummins’s dividend payout ratio is presently 36.22%.

Insider Buying and Selling

In other news, Director John H. Stone acquired 1,000 shares of the business’s stock in a transaction on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the transaction, the director now directly owns 2,441 shares of the company’s stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.41% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CMI. JPMorgan Chase & Co. increased their price target on shares of Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Citigroup increased their price target on shares of Cummins from $320.00 to $350.00 and gave the stock a “buy” rating in a research note on Monday, May 12th. Evercore ISI decreased their price target on shares of Cummins from $451.00 to $419.00 and set an “outperform” rating for the company in a research note on Monday, May 19th. UBS Group lowered shares of Cummins from a “buy” rating to a “sell” rating and reduced their price objective for the company from $400.00 to $240.00 in a research note on Monday, April 7th. Finally, Robert W. Baird reduced their price target on shares of Cummins from $407.00 to $315.00 and set a “neutral” rating for the company in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $357.25.

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.