Levin Capital Strategies L.P. Sells 1,000 Shares of Cummins Inc. (CMI)
Levin Capital Strategies L.P. decreased its position in shares of Cummins Inc. (NYSE:CMI) by 24.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,095 shares of the company’s stock after selling 1,000 shares during the quarter. Levin Capital Strategies L.P.’s holdings in Cummins were worth $412,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also recently made changes to their positions in CMI. Gables Capital Management Inc. acquired a new position in Cummins in the first quarter valued at about $115,000. Centaurus Financial Inc. acquired a new position in Cummins in the first quarter valued at about $115,000. Migdal Insurance & Financial Holdings Ltd. lifted its position in Cummins by 5,873.3% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 896 shares of the company’s stock valued at $119,000 after buying an additional 881 shares during the last quarter. McKinley Carter Wealth Services Inc. acquired a new position in Cummins in the first quarter valued at about $146,000. Finally, Signaturefd LLC acquired a new position in Cummins in the first quarter valued at about $159,000. 81.62% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:CMI opened at $140.76 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.03 and a current ratio of 1.61. The stock has a market cap of $23.12 billion, a price-to-earnings ratio of 13.25, a price-to-earnings-growth ratio of 0.81 and a beta of 1.11. Cummins Inc. has a 1 year low of $129.90 and a 1 year high of $194.18.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 4th. Shareholders of record on Wednesday, August 22nd will be paid a dividend of $1.14 per share. The ex-dividend date is Tuesday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $1.08. This represents a $4.56 dividend on an annualized basis and a yield of 3.24%. Cummins’s dividend payout ratio is 40.68%.
In related news, Director Alexis M. Herman sold 735 shares of the company’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $139.90, for a total transaction of $102,826.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Tracy A. Embree sold 462 shares of the company’s stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $141.70, for a total transaction of $65,465.40. Following the sale, the vice president now owns 4,122 shares in the company, valued at $584,087.40. The disclosure for this sale can be found here. 0.67% of the stock is owned by corporate insiders.
A number of research firms have commented on CMI. Zacks Investment Research cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, April 24th. Buckingham Research cut shares of Cummins from a “buy” rating to a “neutral” rating and set a $195.00 target price on the stock. in a research report on Wednesday, May 2nd. Stifel Nicolaus decreased their target price on shares of Cummins from $180.00 to $174.00 and set a “hold” rating on the stock in a research report on Wednesday, May 2nd. UBS Group cut shares of Cummins from a “neutral” rating to a “sell” rating and set a $136.00 target price on the stock. in a research report on Tuesday, May 1st. Finally, Wells Fargo & Co cut shares of Cummins from an “outperform” rating to a “market perform” rating and set a $190.00 target price on the stock. in a research report on Tuesday, May 1st. Three investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have given a buy rating to the company. Cummins presently has an average rating of “Hold” and an average price target of $166.95.
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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