Olstein Capital Management L.P. Has $6.92 Million Stock Position in Cummins Inc. (NYSE:CMI)

Olstein Capital Management L.P. lowered its stake in Cummins Inc. (NYSE:CMI) by 24.2% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 23,500 shares of the company’s stock after selling 7,500 shares during the period. Olstein Capital Management L.P.’s holdings in Cummins were worth $6,924,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bison Wealth LLC grew its position in shares of Cummins by 3.6% during the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock worth $293,000 after purchasing an additional 42 shares in the last quarter. KB Financial Partners LLC grew its position in shares of Cummins by 1.3% during the 3rd quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock worth $819,000 after purchasing an additional 45 shares in the last quarter. Edmp Inc. grew its position in shares of Cummins by 0.8% during the 4th quarter. Edmp Inc. now owns 5,560 shares of the company’s stock worth $1,332,000 after purchasing an additional 46 shares in the last quarter. Ledge Wealth Management Inc. grew its position in shares of Cummins by 0.5% during the 4th quarter. Ledge Wealth Management Inc. now owns 9,036 shares of the company’s stock worth $2,165,000 after purchasing an additional 48 shares in the last quarter. Finally, D.B. Root & Company LLC grew its position in shares of Cummins by 0.9% during the 4th quarter. D.B. Root & Company LLC now owns 5,331 shares of the company’s stock worth $1,277,000 after purchasing an additional 50 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 1.7 %

Shares of CMI stock traded up $4.53 during trading hours on Wednesday, hitting $272.08. 504,655 shares of the company’s stock traded hands, compared to its average volume of 2,060,036. The stock’s 50 day simple moving average is $281.44 and its 200 day simple moving average is $269.48. The stock has a market cap of $37.22 billion, a PE ratio of 19.92, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $304.24. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. On average, sell-side analysts anticipate that Cummins Inc. will post 18.86 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.47%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s payout ratio is currently 49.19%.

Analyst Ratings Changes

A number of research analysts have issued reports on CMI shares. Raymond James assumed coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. TD Cowen increased their price target on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and increased their price target for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. Finally, Citigroup assumed coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of “Hold” and an average target price of $287.18.

Insider Activity

In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction dated Friday, May 24th. The stock was purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, VP Marvin Boakye acquired 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was bought at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the transaction, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were purchased at an average price of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Cummins 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.