Cummins Inc. (NYSE:CMI) Shares Sold by XTX Topco Ltd

XTX Topco Ltd reduced its position in shares of Cummins Inc. (NYSE:CMI) by 81.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 725 shares of the company’s stock after selling 3,177 shares during the period. XTX Topco Ltd’s holdings in Cummins were worth $201,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Atlantic Edge Private Wealth Management LLC lifted its holdings in Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after buying an additional 35 shares in the last quarter. Greenleaf Trust raised its position in shares of Cummins by 0.5% in the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after purchasing an additional 40 shares in the last quarter. Bangor Savings Bank boosted its stake in shares of Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after buying an additional 40 shares during the last quarter. Aptus Capital Advisors LLC grew its position in shares of Cummins by 2.6% during the second quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock worth $453,000 after buying an additional 41 shares in the last quarter. Finally, Harbour Investments Inc. increased its stake in shares of Cummins by 2.6% in the second quarter. Harbour Investments Inc. now owns 1,681 shares of the company’s stock worth $466,000 after buying an additional 42 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CMI shares. Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Raymond James assumed coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup began coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. upped their price target on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $299.55.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the company’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 approximately $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins Stock Up 0.5 %

CMI stock opened at $326.40 on Monday. The stock has a market cap of $44.64 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The firm’s 50-day simple moving average is $300.38 and its 200 day simple moving average is $290.28. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $333.43. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released its quarterly earnings results 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. 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 analysts’ expectations of $8.33 billion. During the same quarter in the previous year, the company posted $5.18 earnings per share. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, sell-side analysts predict that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 2.23%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is 53.29%.

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.