Securian Asset Management Inc. Has $2.35 Million Stock Holdings in Cummins Inc. $CMI

Securian Asset Management Inc. cut its position in Cummins Inc. (NYSE:CMI) by 1.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,170 shares of the company’s stock after selling 123 shares during the period. Securian Asset Management Inc.’s holdings in Cummins were worth $2,348,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Olde Wealth Management LLC acquired a new position in Cummins during the 1st quarter valued at about $30,000. Accredited Wealth Management LLC acquired a new position in Cummins during the 1st quarter valued at about $31,000. Richardson Financial Services Inc. acquired a new position in Cummins during the 1st quarter valued at about $39,000. Costello Asset Management INC acquired a new position in Cummins during the 1st quarter valued at about $40,000. Finally, Wealth Preservation Advisors LLC purchased a new position in Cummins during the 1st quarter worth $41,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Up 1.0%

NYSE:CMI opened at $418.33 on Wednesday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $57.64 billion, a PE ratio of 19.67, a price-to-earnings-growth ratio of 2.00 and a beta of 1.04. The firm’s 50 day moving average is $412.01 and its 200 day moving average is $354.77. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51.

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

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued 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 of this dividend is Friday, November 21st. Cummins’s payout ratio is 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction 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 sale, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,119 shares of company stock worth $17,674,285. Company insiders own 0.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Truist Financial lifted their price objective on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Barclays lifted their target price on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research report on Monday. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Citigroup lifted their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $410.50.

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.