Smithbridge Asset Management Inc. DE Has $1.32 Million Holdings in Cummins Inc. $CMI

Smithbridge Asset Management Inc. DE lessened its position in shares of Cummins Inc. (NYSE:CMI) by 6.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,044 shares of the company’s stock after selling 278 shares during the quarter. Smithbridge Asset Management Inc. DE’s holdings in Cummins were worth $1,324,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Orca Wealth Management LLC raised its holdings in Cummins by 0.6% during the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after purchasing an additional 28 shares during the last quarter. V Square Quantitative Management LLC raised its holdings in Cummins by 1.0% during the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after purchasing an additional 31 shares during the last quarter. Bank of Jackson Hole Trust increased its holdings in Cummins by 1.2% in the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares during the last quarter. Scotia Capital Inc. increased its holdings in Cummins by 0.5% in the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after purchasing an additional 34 shares during the last quarter. Finally, Van Hulzen Asset Management LLC increased its holdings in Cummins by 1.2% in the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after purchasing an additional 34 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction dated Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock valued at $17,674,285 in the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Down 0.2%

NYSE:CMI opened at $422.34 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market cap of $58.19 billion, a PE ratio of 19.86, a PEG ratio of 2.04 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The stock has a 50-day simple moving average of $410.61 and a 200 day simple moving average of $352.08.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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. 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 quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the company earned $5.26 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CMI shares. Citigroup upped their price objective on Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. JPMorgan Chase & Co. upped their price objective on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a report on Tuesday. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Tuesday. Finally, Robert W. Baird increased their price target on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $407.43.

About Cummins

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.