Tidal Investments LLC Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

Tidal Investments LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 14.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,792 shares of the company’s stock after selling 2,335 shares during the period. Tidal Investments LLC’s holdings in Cummins were worth $4,466,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the second quarter valued at approximately $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at $28,000. Prospera Private Wealth LLC purchased a new position in shares of Cummins during the 3rd quarter worth $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in shares of Cummins during the 3rd quarter worth about $34,000. Finally, Gradient Investments LLC raised its holdings in Cummins by 290.0% in the 2nd quarter. Gradient Investments LLC now owns 156 shares of the company’s stock valued at $43,000 after buying an additional 116 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 0.8 %

CMI stock opened at $367.71 on Friday. The company’s 50 day moving average price is $353.19 and its 200 day moving average price is $313.42. The firm has a market capitalization of $50.44 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 1.80 and a beta of 0.99. Cummins Inc. has a fifty-two week low of $226.52 and a fifty-two week high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s quarterly revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.73 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.98%. The ex-dividend date was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on CMI. JPMorgan Chase & Co. raised shares of Cummins from an “underweight” rating to a “neutral” rating and increased their target price for the stock from $355.00 to $420.00 in a research note on Monday, December 9th. Vertical Research downgraded shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. The Goldman Sachs Group upped their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Citigroup lifted their price objective on Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research note on Monday, December 9th. Finally, Robert W. Baird increased their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $352.85.

Cummins 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.