Panagora Asset Management Inc. Lowers Stock Position in Cummins Inc. $CMI

Panagora Asset Management Inc. reduced its position in Cummins Inc. (NYSE:CMI) by 18.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 31,007 shares of the company’s stock after selling 7,074 shares during the quarter. Panagora Asset Management Inc.’s holdings in Cummins were worth $10,155,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Accredited Wealth Management LLC purchased a new position in shares of Cummins in the 1st quarter worth about $31,000. Costello Asset Management INC acquired a new stake in Cummins during the 1st quarter worth approximately $40,000. Wealth Preservation Advisors LLC purchased a new position in Cummins in the first quarter valued at approximately $41,000. CNB Bank acquired a new position in Cummins during the second quarter valued at approximately $43,000. Finally, Flaharty Asset Management LLC purchased a new stake in Cummins during the first quarter worth approximately $47,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $502.08 on Wednesday. The company has a market capitalization of $69.31 billion, a P/E ratio of 26.06, a PEG ratio of 1.95 and a beta of 1.11. The company has a 50-day moving average of $445.26 and a 200-day moving average of $390.39. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $504.29.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The business had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. During the same quarter last year, the company posted $5.86 earnings per share. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is currently 41.52%.

Insider Buying and Selling

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares of the company’s stock, valued at $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 36,410 shares of company stock worth $16,424,574 over the last ninety days. 0.41% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wall Street Zen raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. JPMorgan Chase & Co. increased their price target on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday, October 14th. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 target price on shares of Cummins in a research report on Friday, November 7th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Twelve investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $476.75.

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.