Edgestream Partners L.P. Cuts Stake in Cummins Inc. (NYSE:CMI)

Edgestream Partners L.P. reduced its stake in Cummins Inc. (NYSE:CMIGet Rating) by 24.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,168 shares of the company’s stock after selling 3,341 shares during the period. Edgestream Partners L.P.’s holdings in Cummins were worth $1,968,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of CMI. BlackRock Inc. grew its stake in shares of Cummins by 4.6% in the first quarter. BlackRock Inc. now owns 12,299,282 shares of the company’s stock worth $2,522,705,000 after acquiring an additional 544,899 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Cummins by 21.2% in the first quarter. First Trust Advisors LP now owns 1,430,972 shares of the company’s stock worth $293,507,000 after acquiring an additional 250,062 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its stake in shares of Cummins by 151.7% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 378,542 shares of the company’s stock worth $73,260,000 after acquiring an additional 228,142 shares during the last quarter. Panagora Asset Management Inc. grew its stake in shares of Cummins by 90.4% in the first quarter. Panagora Asset Management Inc. now owns 366,892 shares of the company’s stock worth $75,253,000 after acquiring an additional 174,184 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock worth $486,142,000 after acquiring an additional 173,139 shares during the last quarter. 80.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on CMI. StockNews.com cut Cummins from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 4th. JPMorgan Chase & Co. began coverage on Cummins in a research report on Thursday, August 18th. They set a “neutral” rating on the stock. Credit Suisse Group increased their price objective on Cummins from $266.00 to $304.00 and gave the company an “outperform” rating in a research report on Friday, November 4th. Citigroup increased their price objective on Cummins to $270.00 in a research report on Tuesday, November 15th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Cummins from $221.00 to $225.00 and gave the company a “hold” rating in a research report on Thursday, October 13th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $244.63.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 1,060 shares of the firm’s stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $234.86, for a total value of $248,951.60. Following the transaction, the vice president now owns 16,348 shares of the company’s stock, valued at $3,839,491.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Vice Chairman Tony Satterthwaite sold 4,866 shares of the firm’s stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $230.18, for a total value of $1,120,055.88. Following the transaction, the insider now owns 59,276 shares of the company’s stock, valued at $13,644,149.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 1,060 shares of the firm’s stock in a transaction dated Friday, November 4th. The stock was sold at an average price of $234.86, for a total value of $248,951.60. Following the completion of the transaction, the vice president now directly owns 16,348 shares in the company, valued at approximately $3,839,491.28. The disclosure for this sale can be found here. Insiders have sold 110,214 shares of company stock valued at $27,154,095 over the last quarter. 1.00% of the stock is currently owned by company insiders.

Cummins Trading Up 0.2 %

Shares of NYSE:CMI opened at $250.86 on Thursday. The stock has a market capitalization of $35.38 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 1.59 and a beta of 1.05. The company has a debt-to-equity ratio of 0.58, a quick ratio of 0.84 and a current ratio of 1.37. The stock’s 50-day simple moving average is $227.32 and its two-hundred day simple moving average is $214.95. Cummins Inc. has a 52-week low of $184.27 and a 52-week high of $254.09.

Cummins (NYSE:CMIGet Rating) last announced its earnings results on Thursday, November 3rd. The company reported $3.21 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.88 by ($1.67). The firm had revenue of $7.33 billion during the quarter, compared to analysts’ expectations of $6.96 billion. Cummins had a return on equity of 22.48% and a net margin of 7.32%. Analysts expect that Cummins Inc. will post 17.35 EPS for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Stockholders of record on Friday, November 18th will be paid a $1.57 dividend. This represents a $6.28 annualized dividend and a dividend yield of 2.50%. The ex-dividend date of this dividend is Thursday, November 17th. Cummins’s dividend payout ratio (DPR) is currently 46.83%.

Cummins Company Profile

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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