Cummins Inc. $CMI Shares Sold by MGO One Seven LLC

MGO One Seven LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 51.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,197 shares of the company’s stock after selling 3,456 shares during the period. MGO One Seven LLC’s holdings in Cummins were worth $1,047,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Olde Wealth Management LLC acquired a new stake in Cummins during the 1st quarter valued at $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins during the 1st quarter valued at $31,000. Richardson Financial Services Inc. acquired a new stake in Cummins during the 1st quarter valued at $39,000. Costello Asset Management INC acquired a new stake in Cummins during the 1st quarter valued at $40,000. Finally, Wealth Preservation Advisors LLC bought a new position in Cummins during the 1st quarter valued at $41,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have commented on CMI. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday. Robert W. Baird increased their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Citigroup increased their price objective on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Finally, Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. One research 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. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $407.43.

Insider Transactions at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the sale, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock worth $17,674,285 over the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Cummins Trading Down 0.2%

Cummins stock opened at $422.34 on Friday. The firm’s 50-day moving average is $410.61 and its 200-day moving average is $352.08. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The company has a market cap of $58.19 billion, a P/E ratio of 19.86, a PEG ratio of 2.04 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the firm posted $5.26 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

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.