Cullinan Associates Inc. Cuts Position in Cummins Inc. (CMI)

Cullinan Associates Inc. reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 40.6% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,113 shares of the company’s stock after selling 8,290 shares during the period. Cullinan Associates Inc.’s holdings in Cummins were worth $1,619,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. IMS Capital Management acquired a new position in shares of Cummins during the 3rd quarter worth approximately $63,000. Edge Wealth Management LLC purchased a new stake in Cummins in the 3rd quarter worth approximately $102,000. Pflug Koory LLC grew its stake in Cummins by 604.0% in the 3rd quarter. Pflug Koory LLC now owns 1,056 shares of the company’s stock worth $154,000 after acquiring an additional 906 shares during the period. Qube Research & Technologies Ltd purchased a new stake in Cummins in the 2nd quarter worth approximately $155,000. Finally, Centaurus Financial Inc. grew its stake in Cummins by 73.2% in the 2nd quarter. Centaurus Financial Inc. now owns 1,230 shares of the company’s stock worth $164,000 after acquiring an additional 520 shares during the period. Hedge funds and other institutional investors own 80.41% of the company’s stock.

Shares of NYSE CMI opened at $139.54 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.54 and a quick ratio of 0.94. Cummins Inc. has a 52-week low of $124.40 and a 52-week high of $194.18. The firm has a market cap of $22.07 billion, a PE ratio of 13.14, a P/E/G ratio of 0.74 and a beta of 1.17.



Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, October 30th. The company reported $4.05 earnings per share for the quarter, topping analysts’ consensus estimates of $3.76 by $0.29. Cummins had a net margin of 5.57% and a return on equity of 29.17%. The firm had revenue of $5.94 billion during the quarter, compared to analysts’ expectations of $5.96 billion. During the same period in the prior year, the company earned $2.71 EPS. The firm’s revenue was up 12.5% on a year-over-year basis. As a group, sell-side analysts expect that Cummins Inc. will post 15.34 EPS for the current fiscal year.

Cummins announced that its Board of Directors has authorized a share repurchase program on Tuesday, October 9th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the company to repurchase up to 8.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

In related news, Director Alexis M. Herman sold 775 shares of the company’s stock in a transaction on Monday, November 5th. The shares were sold at an average price of $143.64, for a total transaction of $111,321.00. Following the completion of the sale, the director now directly owns 30,069 shares of the company’s stock, valued at approximately $4,319,111.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Tony Satterthwaite sold 830 shares of the company’s stock in a transaction on Monday, November 5th. The stock was sold at an average price of $141.61, for a total transaction of $117,536.30. Following the sale, the insider now directly owns 40,371 shares of the company’s stock, valued at $5,716,937.31. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 41,481 shares of company stock valued at $5,863,847. 0.67% of the stock is owned by corporate insiders.

Several analysts have commented on CMI shares. ValuEngine raised shares of Cummins from a “strong sell” rating to a “sell” rating in a research note on Friday, September 21st. Zacks Investment Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $166.00 target price for the company in a research note on Wednesday, September 26th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $172.00 target price on shares of Cummins in a research note on Monday, October 1st. Piper Jaffray Companies raised shares of Cummins from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $143.00 to $188.00 in a research note on Thursday, October 4th. Finally, Bank of America lifted their target price on shares of Cummins from $157.00 to $160.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 9th. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the stock. Cummins currently has an average rating of “Hold” and a consensus target price of $162.75.

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Cummins Company Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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