Cummins Inc. (NYSE:CMI) Shares Sold by Thrive Wealth Management LLC

Thrive Wealth Management LLC trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 1.8% during the 3rd quarter, Holdings Channel reports. The fund owned 1,645 shares of the company’s stock after selling 31 shares during the quarter. Thrive Wealth Management LLC’s holdings in Cummins were worth $533,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Atlantic Edge Private Wealth Management LLC lifted its position in shares of Cummins by 0.7% in the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after acquiring an additional 35 shares in the last quarter. EP Wealth Advisors LLC lifted its position in Cummins by 1.9% during the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after buying an additional 35 shares in the last quarter. Fidelis Capital Partners LLC boosted its stake in Cummins by 3.4% during the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after buying an additional 38 shares during the last quarter. Greenleaf Trust boosted its position in shares of Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after acquiring an additional 40 shares during the last quarter. Finally, Bangor Savings Bank raised its stake in Cummins by 39.2% during the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 1.3 %

Shares of CMI traded up $4.39 during midday trading on Friday, reaching $331.74. The stock had a trading volume of 691,497 shares, compared to its average volume of 1,615,336. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company’s fifty day simple moving average is $304.44 and its two-hundred day simple moving average is $291.87. The company has a market cap of $45.38 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 1.81 and a beta of 0.98. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $333.43.

Cummins (NYSE:CMI) last posted 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. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the firm earned $5.18 earnings per share. Equities research analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were issued a $1.82 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. Cummins’s dividend payout ratio is presently 53.29%.

Analyst Ratings Changes

A number of research analysts recently commented on CMI shares. Evercore ISI upped their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Citigroup initiated coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. JPMorgan Chase & Co. upped their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird lifted their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research 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 given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $299.55.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated 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 transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on 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 completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.