XML Financial LLC Sells 455 Shares of Cummins Inc. $CMI

XML Financial LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 4.8% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 8,978 shares of the company’s stock after selling 455 shares during the quarter. XML Financial LLC’s holdings in Cummins were worth $2,940,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. Poinciana Advisors Group LLC raised its holdings in shares of Cummins by 10.3% in the second quarter. Poinciana Advisors Group LLC now owns 782 shares of the company’s stock valued at $256,000 after buying an additional 73 shares during the last quarter. Capital Investment Advisors LLC raised its stake in shares of Cummins by 14.4% in the second quarter. Capital Investment Advisors LLC now owns 124,319 shares of the company’s stock worth $40,715,000 after acquiring an additional 15,619 shares during the last quarter. HB Wealth Management LLC lifted its position in shares of Cummins by 3.3% during the second quarter. HB Wealth Management LLC now owns 6,399 shares of the company’s stock worth $2,096,000 after purchasing an additional 205 shares in the last quarter. Archford Capital Strategies LLC lifted its position in shares of Cummins by 4.1% during the second quarter. Archford Capital Strategies LLC now owns 867 shares of the company’s stock worth $284,000 after purchasing an additional 34 shares in the last quarter. Finally, GC Wealth Management RIA LLC bought a new stake in shares of Cummins during the second quarter valued at approximately $569,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This represents a 20.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock valued at $14,159,885 over the last ninety days. 0.41% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Truist Financial upped their price objective on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a report on Monday, August 11th. Barclays boosted their price objective on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Finally, Robert W. Baird raised their target price on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $393.57.

Cummins Price Performance

Shares of NYSE CMI opened at $419.61 on Tuesday. The stock has a market capitalization of $57.82 billion, a price-to-earnings ratio of 19.73, a PEG ratio of 2.02 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $432.50. The business has a 50-day moving average of $395.56 and a 200-day moving average of $343.21.

Cummins (NYSE:CMI) last issued its earnings results 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 business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the business posted $5.26 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 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 4th. Shareholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

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.