Cummins Inc. (NYSE:CMI) Shares Sold by Summit Trail Advisors LLC

Summit Trail Advisors LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 1,566 shares of the company’s stock after selling 91 shares during the period. Summit Trail Advisors LLC’s holdings in Cummins were worth $434,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the 2nd quarter valued at $28,000. Cultivar Capital Inc. acquired a new stake in Cummins during the second quarter worth about $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the 2nd quarter worth about $29,000. LRI Investments LLC acquired a new position in shares of Cummins in the 1st quarter valued at about $31,000. Finally, JNBA Financial Advisors grew its holdings in shares of Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CMI. Robert W. Baird raised their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Truist Financial boosted their target price on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Citigroup initiated coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Finally, Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. 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 data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus target price of $299.55.

Cummins Stock Performance

CMI stock opened at $313.52 on Tuesday. The company has a market capitalization of $42.88 billion, a P/E ratio of 22.95, a PEG ratio of 1.70 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The company has a 50-day simple moving average of $298.21 and a 200 day simple moving average of $288.78. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period last year, the firm posted $5.18 earnings per share. The business’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts predict 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 paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is currently 53.29%.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated 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 sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred 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 sale, 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 document filed with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.