Olstein Capital Management L.P. Sells 7,500 Shares of Cummins Inc. (NYSE:CMI)

Olstein Capital Management L.P. cut its stake in Cummins Inc. (NYSE:CMI) by 24.2% in the 1st quarter, Holdings Channel reports. The firm 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 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Alps Advisors Inc. grew its position in shares of Cummins by 4.2% in the 3rd quarter. Alps Advisors Inc. now owns 7,647 shares of the company’s stock worth $1,747,000 after buying an additional 306 shares during the period. Earnest Partners LLC grew its position in shares of Cummins by 1.7% in the 3rd quarter. Earnest Partners LLC now owns 283,332 shares of the company’s stock worth $64,730,000 after buying an additional 4,635 shares during the period. Legacy Advisors LLC purchased a new stake in shares of Cummins in the 3rd quarter worth about $719,000. KPP Advisory Services LLC purchased a new stake in shares of Cummins in the 3rd quarter worth about $361,000. Finally, Seven Eight Capital LP purchased a new stake in shares of Cummins in the 3rd quarter worth about $534,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

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

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

Cummins Dividend Announcement

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

Insider Transactions at Cummins

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

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on CMI. Robert W. Baird cut their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. TD Cowen increased their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Cummins has an average rating of “Hold” and a consensus price target of $287.18.

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.