Tidal Investments LLC Reduces Stake in Cummins Inc. (NYSE:CMI)

Tidal Investments LLC decreased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 14.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,792 shares of the company's stock after selling 2,335 shares during the period. Tidal Investments LLC's holdings in Cummins were worth $4,466,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of CMI. Destination Wealth Management purchased a new position in Cummins during the third quarter worth approximately $227,000. Wilmington Savings Fund Society FSB raised its holdings in shares of Cummins by 18.9% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 4,990 shares of the company's stock worth $1,616,000 after acquiring an additional 794 shares during the period. Pine Valley Investments Ltd Liability Co acquired a new position in shares of Cummins during the 3rd quarter valued at about $209,000. Stock Yards Bank & Trust Co. grew its holdings in shares of Cummins by 1.8% in the third quarter. Stock Yards Bank & Trust Co. now owns 5,089 shares of the company's stock valued at $1,648,000 after purchasing an additional 88 shares during the period. Finally, SkyView Investment Advisors LLC increased its position in Cummins by 3.9% during the third quarter. SkyView Investment Advisors LLC now owns 5,334 shares of the company's stock worth $1,727,000 after purchasing an additional 202 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Down 0.8 %

Shares of CMI traded down $3.06 during midday trading on Friday, reaching $367.51. The stock had a trading volume of 675,030 shares, compared to its average volume of 1,412,656. The company has a market cap of $50.42 billion, a price-to-earnings ratio of 24.27, a PEG ratio of 1.80 and a beta of 0.99. The company's fifty day simple moving average is $353.19 and its two-hundred day simple moving average is $313.42. Cummins Inc. has a 1-year low of $226.52 and a 1-year high of $387.90. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results 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. The firm had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm's revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.73 earnings per share. Equities research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 1.98%. The ex-dividend date was Friday, November 22nd. Cummins's payout ratio is 48.08%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CMI shares. JPMorgan Chase & Co. raised shares of Cummins from an "underweight" rating to a "neutral" rating and increased their price target for the company from $355.00 to $420.00 in a research note on Monday, December 9th. StockNews.com raised Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. Evercore ISI raised Cummins from an "in-line" rating to an "outperform" rating and upped their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Finally, Citigroup upped their target price on shares of Cummins from $415.00 to $435.00 and gave the company a "buy" rating in a research report on Monday, December 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $352.85.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 over the last ninety days. 0.56% of the stock is currently owned by company insiders.

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.