Cummins Inc. (NYSE:CMI) Shares Acquired by Wallington Asset Management LLC

Wallington Asset Management LLC increased its stake in Cummins Inc. (NYSE:CMI) by 6.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 34,207 shares of the company’s stock after acquiring an additional 1,950 shares during the period. Cummins makes up 1.5% of Wallington Asset Management LLC’s investment portfolio, making the stock its 29th largest position. Wallington Asset Management LLC’s holdings in Cummins were worth $11,076,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of CMI. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins in the second quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the second quarter worth approximately $28,000. Lynx Investment Advisory acquired a new position in Cummins during the second quarter valued at approximately $29,000. LRI Investments LLC acquired a new position in Cummins during the first quarter valued at approximately $31,000. Finally, Kathleen S. Wright Associates Inc. acquired a new position in Cummins during the third quarter valued at approximately $34,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Evercore ISI lifted their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Raymond James assumed coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Robert W. Baird lifted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Barclays lifted their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Finally, Citigroup lifted their price objective on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $311.55.

Cummins Stock Down 0.2 %

Shares of NYSE:CMI opened at $330.12 on Thursday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The company has a fifty day simple moving average of $315.05 and a 200 day simple moving average of $295.57. The firm has a market cap of $45.15 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $340.82.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.18 earnings per share. On average, equities research analysts anticipate that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.21%. Cummins’s payout ratio is 53.29%.

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.