SlateStone Wealth LLC Lowers Holdings in Cummins Inc. (NYSE:CMI)

SlateStone Wealth LLC lowered its position in Cummins Inc. (NYSE:CMI) by 1.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,466 shares of the company’s stock after selling 46 shares during the quarter. SlateStone Wealth LLC’s holdings in Cummins were worth $1,237,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Beacon Financial Group increased its stake in Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after acquiring an additional 126 shares during the last quarter. KBC Group NV increased its position in shares of Cummins by 283.2% during the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after purchasing an additional 57,341 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in Cummins in the second quarter worth approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after acquiring an additional 21,850 shares during the last quarter. Finally, Duality Advisers LP boosted its stake in shares of Cummins by 190.3% in the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after purchasing an additional 12,087 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock opened at $310.35 on Tuesday. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51. The business has a fifty day simple moving average of $287.47 and a two-hundred day simple moving average of $283.41. The firm has a market capitalization of $42.45 billion, a P/E ratio of 22.72, a P/E/G ratio of 1.93 and a beta of 0.99. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the prior year, the business posted $5.18 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. On average, equities analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.35%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio is 53.29%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CMI shares. Evercore ISI boosted their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Raymond James began coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial upped their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. TD Cowen upped their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Finally, Robert W. Baird increased their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and an average price target of $299.55.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.56% 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.