First Eagle Investment Management LLC Sells 1,179 Shares of Cummins Inc. (NYSE:CMI)

First Eagle Investment Management LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 0.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,997,498 shares of the company’s stock after selling 1,179 shares during the quarter. First Eagle Investment Management LLC owned 1.46% of Cummins worth $553,167,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins in the 2nd quarter valued at about $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the second quarter valued at approximately $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the 2nd quarter worth approximately $29,000. LRI Investments LLC acquired a new position in shares of Cummins during the 1st quarter worth approximately $31,000. Finally, JNBA Financial Advisors lifted its holdings in Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after purchasing an additional 100 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Citigroup assumed coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. Barclays boosted 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. Raymond James began coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Evercore ISI upped their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $299.55.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred 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 completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Down 0.4 %

Shares of NYSE CMI opened at $300.53 on Thursday. The stock has a market capitalization of $41.11 billion, a P/E ratio of 22.00, a PEG ratio of 1.70 and a beta of 0.98. The stock’s fifty day moving average is $296.67 and its 200 day moving average is $287.82. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period last year, the firm earned $5.18 EPS. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date of this dividend was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Cummins Company 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.