West Coast Financial LLC Has $1.35 Million Stake in Cummins Inc. (NYSE:CMI)

West Coast Financial LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMIFree Report) by 14.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,568 shares of the company’s stock after selling 749 shares during the quarter. West Coast Financial LLC’s holdings in Cummins were worth $1,346,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Envestnet Portfolio Solutions Inc. bought a new position in shares of Cummins in the third quarter valued at about $1,084,000. LPL Financial LLC grew its stake in shares of Cummins by 7.7% in the third quarter. LPL Financial LLC now owns 248,913 shares of the company’s stock valued at $56,867,000 after acquiring an additional 17,833 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Cummins by 5.4% in the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,100 shares of the company’s stock valued at $937,000 after acquiring an additional 210 shares in the last quarter. Covestor Ltd grew its stake in shares of Cummins by 30.6% in the third quarter. Covestor Ltd now owns 546 shares of the company’s stock valued at $125,000 after acquiring an additional 128 shares in the last quarter. Finally, Natixis Advisors L.P. grew its stake in shares of Cummins by 9.5% in the third quarter. Natixis Advisors L.P. now owns 86,446 shares of the company’s stock valued at $19,750,000 after acquiring an additional 7,507 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI traded down $1.13 during mid-day trading on Tuesday, reaching $282.83. The company had a trading volume of 309,126 shares, compared to its average volume of 2,113,153. The company’s 50 day simple moving average is $283.16 and its 200 day simple moving average is $267.84. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The company has a market capitalization of $38.69 billion, a price-to-earnings ratio of 20.79, a P/E/G ratio of 1.73 and a beta of 1.02.

Cummins (NYSE:CMIGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a net margin of 5.70% and a return on equity of 25.38%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Analysts expect that Cummins Inc. will post 18.84 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were issued a $1.68 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 dividend on an annualized basis and a yield of 2.38%. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Activity at Cummins

In other Cummins news, VP Marvin Boakye acquired 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the acquisition, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Cummins news, VP Marvin Boakye acquired 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was acquired at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the acquisition, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was acquired at an average price of $285.11 per share, with a total value of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on CMI shares. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and upped their price target for the company from $254.00 to $321.00 in a research note on Friday, March 15th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research note on Monday, March 25th. The Goldman Sachs Group upped their price target on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Truist Financial reiterated a “hold” rating and set a $319.00 price objective on shares of Cummins in a research note on Wednesday, May 15th. Finally, StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and an average target price of $284.36.

View Our Latest Stock Analysis on CMI

Cummins Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMIFree Report).

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.