Cummins Inc. (CMI) Stake Lowered by Violich Capital Management Inc.

Violich Capital Management Inc. decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 2.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 13,500 shares of the company’s stock after selling 375 shares during the quarter. Violich Capital Management Inc.’s holdings in Cummins were worth $2,131,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Plimoth Trust Co. LLC lifted its stake in Cummins by 0.9% during the 4th quarter. Plimoth Trust Co. LLC now owns 7,639 shares of the company’s stock valued at $1,021,000 after acquiring an additional 70 shares in the last quarter. Wetherby Asset Management Inc. raised its stake in shares of Cummins by 1.7% during the 4th quarter. Wetherby Asset Management Inc. now owns 4,578 shares of the company’s stock worth $612,000 after purchasing an additional 75 shares during the period. Stratos Wealth Partners LTD. raised its stake in shares of Cummins by 1.5% during the 4th quarter. Stratos Wealth Partners LTD. now owns 5,086 shares of the company’s stock worth $680,000 after purchasing an additional 75 shares during the period. Unison Advisors LLC raised its stake in shares of Cummins by 0.7% during the 1st quarter. Unison Advisors LLC now owns 10,645 shares of the company’s stock worth $1,681,000 after purchasing an additional 75 shares during the period. Finally, Whitener Capital Management Inc. raised its stake in shares of Cummins by 2.8% during the 1st quarter. Whitener Capital Management Inc. now owns 2,800 shares of the company’s stock worth $442,000 after purchasing an additional 75 shares during the period. 81.36% of the stock is owned by institutional investors.

In other news, insider Srikanth Padmanabhan sold 1,687 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $160.00, for a total transaction of $269,920.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.95% of the stock is currently owned by insiders.

CMI stock traded down $2.74 during mid-day trading on Friday, reaching $159.77. 17,418 shares of the company traded hands, compared to its average volume of 1,134,727. The company has a quick ratio of 0.96, a current ratio of 1.57 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $25.42 billion, a PE ratio of 12.07, a PEG ratio of 1.19 and a beta of 1.10. Cummins Inc. has a 52-week low of $124.40 and a 52-week high of $169.45.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, April 30th. The company reported $4.20 earnings per share for the quarter, beating the Zacks’ consensus estimate of $3.51 by $0.69. Cummins had a return on equity of 30.72% and a net margin of 10.24%. The business had revenue of $6 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the firm earned $3.30 EPS. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 16.19 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 5th. Stockholders of record on Friday, May 24th will be issued a dividend of $1.14 per share. This represents a $4.56 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Thursday, May 23rd. Cummins’s payout ratio is 34.47%.

A number of equities research analysts have recently commented on the company. Oppenheimer reiterated a “market perform” rating and set a $164.00 target price on shares of Cummins in a research note on Thursday, February 7th. CIBC reiterated a “market perform” rating on shares of Cummins in a research note on Thursday, February 7th. Credit Suisse Group reiterated a “buy” rating and set a $168.00 target price on shares of Cummins in a research note on Tuesday, January 22nd. UBS Group lifted their target price on Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a research note on Wednesday, May 1st. Finally, Mizuho set a $155.00 target price on Cummins and gave the stock a “hold” rating in a research note on Saturday, February 9th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $165.61.

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Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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