Bridgewater Advisors Inc. Trims Stock Position in Cummins Inc. $CMI

Bridgewater Advisors Inc. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 5.1% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 6,125 shares of the company’s stock after selling 326 shares during the period. Bridgewater Advisors Inc.’s holdings in Cummins were worth $2,006,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. Brighton Jones LLC raised its holdings in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the last quarter. Rossby Financial LCC purchased a new stake in shares of Cummins in the first quarter valued at about $45,000. Private Trust Co. NA raised its holdings in Cummins by 18.3% during the first quarter. Private Trust Co. NA now owns 1,670 shares of the company’s stock worth $523,000 after purchasing an additional 258 shares in the last quarter. Mutual Advisors LLC raised its holdings in Cummins by 7.8% during the first quarter. Mutual Advisors LLC now owns 2,606 shares of the company’s stock worth $764,000 after purchasing an additional 188 shares in the last quarter. Finally, Impax Asset Management Group plc raised its holdings in Cummins by 12.4% during the first quarter. Impax Asset Management Group plc now owns 23,483 shares of the company’s stock worth $7,361,000 after purchasing an additional 2,582 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director directly owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 43,319 shares of company stock valued at $17,764,105 in the last quarter. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $410.50.

Cummins Trading Up 0.1%

Shares of CMI opened at $438.34 on Monday. The stock has a fifty day moving average of $415.90 and a two-hundred day moving average of $363.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market capitalization of $60.40 billion, a PE ratio of 20.61, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $449.21.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the firm posted $5.26 EPS. Cummins’s revenue was down 1.7% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s payout ratio is currently 37.61%.

Cummins 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.