Cummins Inc. $CMI Shares Sold by Crowley Wealth Management Inc.

Crowley Wealth Management Inc. cut its position in Cummins Inc. (NYSE:CMI) by 1.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,715 shares of the company’s stock after selling 35 shares during the period. Cummins accounts for 0.8% of Crowley Wealth Management Inc.’s holdings, making the stock its 25th largest position. Crowley Wealth Management Inc.’s holdings in Cummins were worth $889,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Olde Wealth Management LLC purchased a new position in Cummins during the first quarter worth approximately $30,000. Accredited Wealth Management LLC purchased a new position in Cummins during the first quarter worth approximately $31,000. Opal Wealth Advisors LLC purchased a new position in Cummins during the first quarter worth approximately $37,000. Richardson Financial Services Inc. purchased a new position in Cummins during the first quarter worth approximately $39,000. Finally, Costello Asset Management INC purchased a new position in Cummins during the first quarter worth approximately $40,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In related news, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research report on Wednesday, September 3rd. Robert W. Baird lifted their price objective on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Truist Financial lifted their target price on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Finally, Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $393.57.

Cummins Price Performance

NYSE:CMI opened at $413.99 on Friday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $57.04 billion, a P/E ratio of 19.46, a P/E/G ratio of 2.02 and a beta of 1.02. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $432.50. The stock’s fifty day moving average is $392.70 and its two-hundred day moving average is $341.63.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.26 EPS. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is a boost from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

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.