Cummins Inc. (CMI) Shares Sold by IndexIQ Advisors LLC

IndexIQ Advisors LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 34.1% in the first quarter, HoldingsChannel.com reports. The firm owned 28,509 shares of the company’s stock after selling 14,731 shares during the quarter. IndexIQ Advisors LLC’s holdings in Cummins were worth $4,501,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Riverview Trust Co purchased a new position in Cummins during the 4th quarter valued at about $27,000. Ipswich Investment Management Co. Inc. purchased a new position in Cummins during the 4th quarter valued at about $28,000. Guidant Wealth Advisors purchased a new position in Cummins during the 1st quarter valued at about $29,000. Prime Capital Investment Advisors LLC purchased a new position in Cummins during the 4th quarter valued at about $32,000. Finally, SeaBridge Investment Advisors LLC purchased a new position in Cummins during the 1st quarter valued at about $32,000. Institutional investors and hedge funds own 81.36% of the company’s stock.

CMI stock opened at $160.76 on Wednesday. The company has a current ratio of 1.57, a quick ratio of 0.96 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $25.02 billion, a price-to-earnings ratio of 12.15, a P/E/G ratio of 1.18 and a beta of 1.10. Cummins Inc. has a 1 year low of $124.40 and a 1 year high of $169.45.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $4.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.51 by $0.69. The company had revenue of $6 billion for the quarter, compared to analyst estimates of $5.80 billion. Cummins had a return on equity of 30.72% and a net margin of 10.24%. Cummins’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the company earned $3.30 EPS. Equities analysts forecast that Cummins Inc. will post 16.19 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 5th. Shareholders of record on Friday, May 24th will be given a $1.14 dividend. This represents a $4.56 dividend on an annualized basis and a yield of 2.84%. Cummins’s dividend payout ratio is currently 34.47%.

A number of equities analysts recently commented on the company. Zacks Investment Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $185.00 target price for the company in a report on Friday, May 3rd. Piper Jaffray Companies set a $195.00 target price on Cummins and gave the company a “buy” rating in a report on Thursday, April 4th. Credit Suisse Group raised their target price on Cummins from $165.00 to $198.00 and gave the company an “outperform” rating in a report on Wednesday, May 1st. Loop Capital cut Cummins from a “buy” rating to a “hold” rating and set a $166.29 target price for the company. in a report on Wednesday, May 1st. Finally, Oppenheimer cut Cummins from an “outperform” rating to a “market perform” rating in a report on Thursday, February 7th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and seven have given a buy rating to the stock. Cummins presently has an average rating of “Hold” and an average target price of $165.61.

In other Cummins news, insider Srikanth Padmanabhan sold 1,687 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $160.00, for a total value of $269,920.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.95% of the stock is owned by company insiders.

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About Cummins

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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