Raleigh Capital Management Inc. Sells 41 Shares of Cummins Inc. $CMI

Raleigh Capital Management Inc. lessened its holdings in Cummins Inc. (NYSE:CMI) by 4.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 793 shares of the company’s stock after selling 41 shares during the period. Raleigh Capital Management Inc.’s holdings in Cummins were worth $260,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of CMI. V Square Quantitative Management LLC boosted its stake in shares of Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after purchasing an additional 31 shares in the last quarter. Bank of Jackson Hole Trust lifted its stake in Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares during the last quarter. Scotia Capital Inc. boosted its position in Cummins by 0.5% in the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after buying an additional 34 shares in the last quarter. Van Hulzen Asset Management LLC grew its stake in shares of Cummins by 1.2% during the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after buying an additional 34 shares during the last quarter. Finally, Sylvest Advisors LLC increased its holdings in shares of Cummins by 1.0% during the second quarter. Sylvest Advisors LLC now owns 3,342 shares of the company’s stock worth $1,095,000 after buying an additional 34 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Up 0.8%

Cummins stock opened at $422.60 on Wednesday. The firm has a market cap of $58.23 billion, a price-to-earnings ratio of 19.87, a PEG ratio of 2.03 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 company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The firm has a 50 day moving average price of $396.86 and a two-hundred day moving average price of $343.77.

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

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insider Transactions at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. The trade was a 38.67% 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. Also, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,119 shares of company stock worth $14,159,885. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several research firms recently weighed in on CMI. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Truist Financial increased 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. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Wells Fargo & Company raised Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $393.57.

Cummins Company 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.