Concurrent Investment Advisors LLC Sells 257 Shares of Cummins Inc. (NYSE:CMI)

Concurrent Investment Advisors LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,978 shares of the company’s stock after selling 257 shares during the quarter. Concurrent Investment Advisors LLC’s holdings in Cummins were worth $825,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in CMI. Cultivar Capital Inc. bought a new stake in shares of Cummins during the second quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the 2nd quarter worth approximately $28,000. First United Bank & Trust bought a new position in Cummins in the 4th quarter valued at $25,000. Lynx Investment Advisory bought a new position in shares of Cummins in the second quarter worth $29,000. Finally, LRI Investments LLC purchased a new stake in shares of Cummins in the first quarter worth $31,000. 83.46% of the stock is owned by institutional investors.

Insider Transactions at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’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 completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other 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 transaction, the senior vice president now directly 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 Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was 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 disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

CMI has been the topic of a number of research analyst reports. Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. TD Cowen lifted their target price on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Finally, Barclays upped their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Trading Up 1.1 %

NYSE CMI opened at $312.85 on Tuesday. The stock has a 50-day moving average of $290.69 and a 200-day moving average of $285.23. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83. The firm has a market cap of $42.79 billion, a PE ratio of 22.90, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99.

Cummins (NYSE:CMI) last released 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. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same quarter in the prior year, the firm posted $5.18 earnings per share. The business’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 19.66 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.33%. This is an increase from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s dividend payout ratio 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.