Versor Investments LP Sells 5,724 Shares of Cummins Inc. (NYSE:CMI)

Versor Investments LP reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 71.3% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,300 shares of the company’s stock after selling 5,724 shares during the period. Versor Investments LP’s holdings in Cummins were worth $745,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Cultivar Capital Inc. purchased a new stake in Cummins in the second quarter worth $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the second quarter valued at about $28,000. Lynx Investment Advisory bought a new position in Cummins during the second quarter worth about $29,000. LRI Investments LLC purchased a new position in shares of Cummins in the first quarter worth about $31,000. Finally, Kathleen S. Wright Associates Inc. bought a new stake in shares of Cummins in the third quarter valued at approximately $34,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 2,001 shares of the company’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $358.43, for a total value of $717,218.43. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,456,419.29. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,193 shares of company stock worth $9,685,552 in the last three months. 0.56% of the stock is owned by insiders.

Cummins Price Performance

Shares of NYSE:CMI opened at $355.07 on Wednesday. The company’s fifty day moving average is $323.90 and its 200 day moving average is $299.69. The company has a quick ratio of 0.82, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52 week low of $216.91 and a 52 week high of $370.21. The stock has a market cap of $48.71 billion, a PE ratio of 23.45, a PEG ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the business posted $4.73 EPS. Cummins’s quarterly revenue was up .3% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 20.32 earnings per share for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.05%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. The Goldman Sachs Group lifted their price objective on shares of Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Citigroup raised their price objective on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $324.83.

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.