Principal Street Partners LLC Sells 6,004 Shares of Cummins Inc. (NYSE:CMI)

Principal Street Partners LLC decreased its stake in Cummins Inc. (NYSE:CMI) by 22.5% in the 3rd quarter, Holdings Channel.com reports. The fund owned 20,689 shares of the company’s stock after selling 6,004 shares during the quarter. Cummins makes up 1.1% of Principal Street Partners LLC’s holdings, making the stock its 19th largest holding. Principal Street Partners LLC’s holdings in Cummins were worth $6,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. CarsonAllaria Wealth Management Ltd. acquired a new position in shares of Cummins during the 2nd quarter worth approximately $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins in the second quarter valued at $28,000. Lynx Investment Advisory acquired a new position in Cummins during the second quarter worth $29,000. LRI Investments LLC bought a new stake in Cummins during the first quarter worth $31,000. Finally, Prospera Private Wealth LLC acquired a new stake in Cummins in the third quarter valued at $32,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 in the last 90 days. Company insiders own 0.56% of the company’s stock.

Cummins Stock Down 0.4 %

CMI opened at $373.90 on Tuesday. The stock has a fifty day moving average of $337.27 and a 200-day moving average of $305.21. The company has a market capitalization of $51.29 billion, a P/E ratio of 24.79, a P/E/G ratio of 1.81 and a beta of 0.97. Cummins Inc. has a fifty-two week low of $222.04 and a fifty-two week high of $377.64. 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 issued its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the company earned $4.73 EPS. The business’s revenue was up .3% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on CMI shares. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. The Goldman Sachs Group boosted their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Barclays raised their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Citigroup boosted their target price on Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a report on Wednesday, November 20th. Finally, Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $337.67.

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.