Cummins Inc. (CMI) is Marshfield Associates’ 6th Largest Position

Marshfield Associates trimmed its holdings in Cummins Inc. (NYSE:CMI) by 2.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 575,579 shares of the company’s stock after selling 13,783 shares during the period. Cummins accounts for about 7.0% of Marshfield Associates’ investment portfolio, making the stock its 6th largest position. Marshfield Associates owned about 0.34% of Cummins worth $93,370,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. High Falls Advisors Inc acquired a new stake in Cummins in the 2nd quarter valued at about $324,000. Kalos Management Inc. grew its stake in Cummins by 2.0% in the 2nd quarter. Kalos Management Inc. now owns 17,729 shares of the company’s stock valued at $2,876,000 after acquiring an additional 353 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in Cummins by 28.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 4,589 shares of the company’s stock valued at $744,000 after acquiring an additional 1,030 shares during the last quarter. Linscomb & Williams Inc. grew its stake in Cummins by 2.9% in the 2nd quarter. Linscomb & Williams Inc. now owns 21,055 shares of the company’s stock valued at $3,415,000 after acquiring an additional 589 shares during the last quarter. Finally, Security National Bank of SO Dak grew its stake in Cummins by 1.9% in the 2nd quarter. Security National Bank of SO Dak now owns 4,856 shares of the company’s stock valued at $788,000 after acquiring an additional 90 shares during the last quarter. 80.38% of the stock is currently owned by hedge funds and other institutional investors.

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Cummins Inc. (NYSE:CMI) traded up 0.67% during midday trading on Friday, hitting $173.07. 364,487 shares of the company traded hands. The company has a market cap of $28.90 billion, a PE ratio of 19.56 and a beta of 1.13. The stock has a 50 day moving average price of $165.17 and a 200-day moving average price of $159.09. Cummins Inc. has a 12-month low of $121.22 and a 12-month high of $174.17.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 1st. The company reported $2.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.58 by ($0.05). Cummins had a net margin of 8.10% and a return on equity of 20.67%. The business had revenue of $5.08 billion for the quarter, compared to analysts’ expectations of $4.80 billion. During the same period last year, the firm earned $2.40 EPS. The company’s revenue was up 12.1% compared to the same quarter last year. Analysts expect that Cummins Inc. will post $7.98 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, December 1st. Investors of record on Friday, November 17th will be paid a $1.08 dividend. The ex-dividend date of this dividend is Thursday, November 16th. This represents a $4.32 annualized dividend and a dividend yield of 2.51%. Cummins’s payout ratio is 48.76%.

A number of brokerages recently commented on CMI. Stifel Nicolaus increased their price objective on shares of Cummins from $160.00 to $168.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. Robert W. Baird reissued a “sell” rating and issued a $153.00 price objective on shares of Cummins in a research note on Thursday. Longbow Research cut shares of Cummins from a “buy” rating to a “neutral” rating in a research note on Thursday. Citigroup Inc. increased their price objective on shares of Cummins from $175.00 to $183.00 and gave the company a “neutral” rating in a research note on Friday. Finally, Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $164.91.

In related news, insider Jill E. Cook sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $165.86, for a total value of $1,161,020.00. Following the completion of the sale, the insider now owns 9,671 shares of the company’s stock, valued at approximately $1,604,032.06. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Franklin R. Changdiaz sold 1,633 shares of the business’s stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $159.27, for a total value of $260,087.91. Following the completion of the sale, the director now directly owns 5,814 shares of the company’s stock, valued at approximately $925,995.78. The disclosure for this sale can be found here. In the last three months, insiders sold 17,633 shares of company stock valued at $2,942,108. 0.62% of the stock is currently owned by company insiders.

Cummins Company Profile

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines and engine-related component products. The Company’s segments include Engine, Distribution, Components and Power Systems. The Engine segment manufactures and markets a range of diesel and natural gas powered engines under the Cummins brand name, as well as certain customer brand names, for the heavy and medium-duty truck, bus, recreational vehicle (RV), light-duty automotive and agricultural markets.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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