Ferguson Wellman Capital Management Inc. Sells 600 Shares of Cummins Inc. (NYSE:CMI)

Ferguson Wellman Capital Management Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 11.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,636 shares of the company’s stock after selling 600 shares during the period. Ferguson Wellman Capital Management Inc.’s holdings in Cummins were worth $752,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pinnacle Bank purchased a new position in Cummins during the first quarter worth about $105,000. Carroll Financial Associates Inc. boosted its position in shares of Cummins by 13.4% in the second quarter. Carroll Financial Associates Inc. now owns 702 shares of the company’s stock worth $113,000 after buying an additional 83 shares in the last quarter. Cohen Capital Management Inc. bought a new position in shares of Cummins during the first quarter worth $121,000. First Manhattan Co. boosted its position in shares of Cummins by 4.2% in the first quarter. First Manhattan Co. now owns 997 shares of the company’s stock worth $127,000 after buying an additional 40 shares in the last quarter. Finally, First Interstate Bank boosted its position in shares of Cummins by 26.3% in the first quarter. First Interstate Bank now owns 931 shares of the company’s stock worth $141,000 after buying an additional 194 shares in the last quarter. 80.66% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Cummins Inc. (NYSE:CMI) traded down 0.32% during midday trading on Friday, hitting $150.79. The stock had a trading volume of 1,467,309 shares. The company has a market capitalization of $25.18 billion, a PE ratio of 17.04 and a beta of 1.09. The firm’s 50-day moving average is $162.07 and its 200 day moving average is $155.44. Cummins Inc. has a one year low of $116.03 and a one year high of $170.68.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $2.53 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.58 by $0.05. The firm had revenue of $5.08 billion for the quarter, compared to the consensus estimate of $4.80 billion. Cummins had a return on equity of 20.67% and a net margin of 8.10%. The firm’s quarterly revenue was up 12.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.40 earnings per share. Equities analysts expect that Cummins Inc. will post $7.98 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 18th will be issued a dividend of $1.08 per share. The ex-dividend date of this dividend is Wednesday, August 16th. This is an increase from Cummins’s previous quarterly dividend of $1.03. This represents a $4.32 dividend on an annualized basis and a dividend yield of 2.86%. Cummins’s dividend payout ratio (DPR) is presently 48.76%.

A number of equities analysts recently weighed in on CMI shares. Deutsche Bank AG reissued a “sell” rating and issued a $154.00 price target (up previously from $142.00) on shares of Cummins in a research note on Wednesday, May 3rd. ValuEngine cut Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. Zacks Investment Research raised Cummins from a “hold” rating to a “buy” rating and set a $185.00 price target on the stock in a research note on Thursday, July 20th. Goldman Sachs Group, Inc. (The) cut Cummins from a “conviction-buy” rating to a “buy” rating and set a $192.00 target price on the stock. in a research note on Monday, August 7th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $166.00 target price on shares of Cummins in a research note on Monday, June 5th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the company. Cummins has a consensus rating of “Hold” and an average price target of $156.21.

In related news, insider Tony Satterthwaite sold 4,000 shares of the stock in a transaction that occurred on Thursday, July 6th. The stock was sold at an average price of $164.50, for a total transaction of $658,000.00. Following the completion of the transaction, the insider now directly owns 41,902 shares of the company’s stock, valued at $6,892,879. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Anant Talaulicar sold 1,650 shares of the stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $157.50, for a total value of $259,875.00. Following the transaction, the vice president now directly owns 13,029 shares of the company’s stock, valued at $2,052,067.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 60,969 shares of company stock valued at $10,053,755. 0.62% of the stock is owned by corporate insiders.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.