First City Capital Management Inc. Sells 62 Shares of Cummins Inc. (NYSE:CMI)

First City Capital Management Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 3.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,916 shares of the company’s stock after selling 62 shares during the period. First City Capital Management Inc.’s holdings in Cummins were worth $531,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins during the 2nd quarter valued at about $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter worth approximately $28,000. Lynx Investment Advisory bought a new stake in Cummins during the second quarter valued at approximately $29,000. LRI Investments LLC purchased a new stake in Cummins during the first quarter valued at approximately $31,000. Finally, JNBA Financial Advisors raised its position in Cummins by 1,111.1% in the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the firm’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 sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Truist Financial upped their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. raised their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Raymond James initiated coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Evercore ISI upped their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $299.55.

Cummins Stock Performance

CMI opened at $308.24 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The stock has a market capitalization of $42.16 billion, a price-to-earnings ratio of 22.57, a PEG ratio of 1.70 and a beta of 0.98. The company has a fifty day moving average of $297.72 and a 200 day moving average of $288.34. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $5.18 earnings per share. As a group, sell-side analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.36%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio is 53.29%.

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.