Strengthening Families & Communities LLC Sells 93 Shares of Cummins Inc. $CMI

Strengthening Families & Communities LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 22.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 315 shares of the company’s stock after selling 93 shares during the quarter. Strengthening Families & Communities LLC’s holdings in Cummins were worth $99,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after buying an additional 321,823 shares in the last quarter. Northern Trust Corp grew its stake in shares of Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after buying an additional 22,202 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cummins by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after purchasing an additional 8,487 shares during the period. Raymond James Financial Inc. boosted its position in Cummins by 152.3% during the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after purchasing an additional 817,384 shares during the period. Finally, Invesco Ltd. boosted its position in Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 3.1%

CMI stock opened at $413.28 on Friday. The company has a market cap of $56.95 billion, a PE ratio of 19.43, a price-to-earnings-growth ratio of 2.06 and a beta of 1.04. The business has a 50-day simple moving average of $407.21 and a 200 day simple moving average of $349.37. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.26 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins’s payout ratio is presently 37.61%.

Analyst Ratings Changes

A number of equities analysts have commented on CMI shares. Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday. Barclays lifted their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $397.43.

Insider Activity

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director directly owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,119 shares of company stock valued at $17,674,285. Corporate insiders own 0.41% of the company’s stock.

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.