Cummins Inc. (NYSE:CMI) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 7.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,658 shares of the company’s stock after selling 1,750 shares during the quarter. Highland Capital Management LLC’s holdings in Cummins were worth $5,721,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank bought a new stake in shares of Cummins during the 4th quarter valued at about $298,867,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Cummins by 129.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after purchasing an additional 167,485 shares during the last quarter. Finally, Swedbank AB acquired a new position in Cummins during the 1st quarter valued at approximately $44,489,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Evercore ISI raised their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Raymond James initiated coverage on shares of Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. upped their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Finally, Robert W. Baird increased their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $299.55.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.56% of the company’s stock.

Cummins Price Performance

NYSE:CMI traded up $5.27 during mid-day trading on Friday, reaching $309.31. 676,358 shares of the stock were exchanged, compared to its average volume of 1,784,292. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51. The business has a fifty day moving average price of $286.67 and a 200 day moving average price of $282.99. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83. The firm has a market capitalization of $42.31 billion, a PE ratio of 22.64, a PEG ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter in the previous year, the company posted $5.18 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.35%. The ex-dividend date of this dividend is Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is 53.29%.

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.