Beverly Hills Private Wealth LLC Sells 89 Shares of Cummins Inc. $CMI

Beverly Hills Private Wealth LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 7.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,151 shares of the company’s stock after selling 89 shares during the period. Beverly Hills Private Wealth LLC’s holdings in Cummins were worth $377,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Applied Finance Capital Management LLC grew its position in shares of Cummins by 14.4% in the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after acquiring an additional 7,656 shares during the period. Fox Run Management L.L.C. bought a new position in shares of Cummins in the 1st quarter valued at about $2,749,000. Alpha Cubed Investments LLC bought a new position in shares of Cummins in the 1st quarter valued at about $440,000. Invesco Ltd. grew its position in shares of Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after acquiring an additional 126,362 shares during the period. Finally, Artemis Investment Management LLP grew its position in shares of Cummins by 19.1% in the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock valued at $2,428,000 after acquiring an additional 1,241 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Truist Financial raised their target price on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $410.50.

Cummins Price Performance

Shares of Cummins stock opened at $414.13 on Tuesday. Cummins Inc. has a twelve month low of $260.02 and a twelve month 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. The company has a 50-day simple moving average of $411.61 and a two-hundred day simple moving average of $354.33. The stock has a market capitalization of $57.06 billion, a price-to-earnings ratio of 19.47, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04.

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

Cummins Announces Dividend

The company also recently announced 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. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s payout ratio is presently 37.61%.

Insider Buying and Selling

In other news, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by company insiders.

Cummins 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.