Weybosset Research & Management LLC Trims Stock Holdings in Cummins Inc. (NYSE:CMI)

Weybosset Research & Management LLC decreased its position in Cummins Inc. (NYSE:CMI) by 0.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,856 shares of the company’s stock after selling 294 shares during the period. Cummins makes up about 3.8% of Weybosset Research & Management LLC’s portfolio, making the stock its 13th biggest holding. Weybosset Research & Management LLC’s holdings in Cummins were worth $6,646,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Private Trust Co. NA raised its stake in shares of Cummins by 5.2% during the 3rd quarter. Private Trust Co. NA now owns 1,336 shares of the company’s stock valued at $217,000 after buying an additional 66 shares during the last quarter. Landmark Bank raised its stake in shares of Cummins by 0.6% during the 3rd quarter. Landmark Bank now owns 12,053 shares of the company’s stock valued at $1,961,000 after buying an additional 66 shares during the last quarter. Assetmark Inc. raised its stake in shares of Cummins by 31.7% during the 2nd quarter. Assetmark Inc. now owns 291 shares of the company’s stock valued at $50,000 after buying an additional 70 shares during the last quarter. First Hawaiian Bank raised its stake in shares of Cummins by 2.4% during the 3rd quarter. First Hawaiian Bank now owns 3,068 shares of the company’s stock valued at $500,000 after buying an additional 71 shares during the last quarter. Finally, Gradient Investments LLC raised its stake in shares of Cummins by 102.8% during the 2nd quarter. Gradient Investments LLC now owns 146 shares of the company’s stock valued at $25,000 after buying an additional 74 shares during the last quarter. Institutional investors own 82.25% of the company’s stock.

Shares of Cummins stock traded up $2.21 on Tuesday, hitting $173.53. The company’s stock had a trading volume of 16,730 shares, compared to its average volume of 1,083,690. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.04 and a current ratio of 1.66. Cummins Inc. has a 1 year low of $124.40 and a 1 year high of $175.91. The firm has a fifty day moving average price of $160.47 and a 200-day moving average price of $161.80. The company has a market capitalization of $27.17 billion, a price-to-earnings ratio of 13.12, a price-to-earnings-growth ratio of 1.72 and a beta of 1.14.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, July 30th. The company reported $4.27 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.38 by ($0.11). Cummins had a net margin of 10.74% and a return on equity of 29.75%. The business had revenue of $6.22 billion during the quarter, compared to analysts’ expectations of $6.36 billion. During the same quarter in the prior year, the firm earned $4.14 EPS. Cummins’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 15.81 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Thursday, November 14th will be issued a $1.311 dividend. This represents a $5.24 annualized dividend and a yield of 3.02%. The ex-dividend date is Wednesday, November 13th. Cummins’s payout ratio is 39.61%.

CMI has been the subject of a number of recent research reports. Loop Capital lowered Cummins from a “hold” rating to a “sell” rating and reduced their price objective for the company from $168.00 to $145.00 in a research note on Tuesday, July 2nd. Standpoint Research lowered Cummins from a “buy” rating to a “hold” rating in a research note on Tuesday, July 16th. ValuEngine lowered Cummins from a “hold” rating to a “sell” rating in a research note on Thursday, August 8th. Barclays reiterated a “hold” rating and set a $159.00 price objective on shares of Cummins in a research note on Wednesday, October 16th. Finally, Credit Suisse Group lifted their price objective on Cummins from $198.00 to $203.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company. Cummins has a consensus rating of “Hold” and a consensus price target of $166.61.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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