Weybosset Research & Management LLC Has $13.73 Million Stock Position in Cummins Inc. (NYSE:CMI)

Weybosset Research & Management LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 0.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,394 shares of the company’s stock after selling 248 shares during the period. Cummins accounts for 4.6% of Weybosset Research & Management LLC’s holdings, making the stock its 7th biggest holding. Weybosset Research & Management LLC’s holdings in Cummins were worth $13,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of the stock. Cultivar Capital Inc. bought a new stake in shares of Cummins in the second quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins in the 2nd quarter worth approximately $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the second quarter valued at approximately $29,000. LRI Investments LLC purchased a new position in Cummins during the first quarter valued at approximately $31,000. Finally, JNBA Financial Advisors raised its stake in Cummins by 1,111.1% in the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after buying an additional 100 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

NYSE:CMI opened at $325.01 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a 50 day moving average price of $302.73 and a 200-day moving average price of $291.30. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $333.43. The firm has a market cap of $44.45 billion, a price-to-earnings ratio of 23.79, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter in the previous year, the company earned $5.18 earnings per share. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.24%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 53.29%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CMI shares. Robert W. Baird increased their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Raymond James began coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup began coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. Evercore ISI boosted their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Two 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 data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $299.55.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the 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 transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

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.