Atlantic Edge Private Wealth Management LLC Cuts Stock Position in Cummins Inc. $CMI

Atlantic Edge Private Wealth Management LLC cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,461 shares of the company’s stock after selling 67 shares during the period. Atlantic Edge Private Wealth Management LLC’s holdings in Cummins were worth $1,789,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Applied Finance Capital Management LLC increased its stake in Cummins by 14.4% during the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after purchasing an additional 7,656 shares during the period. Fox Run Management L.L.C. purchased a new stake in shares of Cummins during the first quarter worth approximately $2,749,000. Alpha Cubed Investments LLC purchased a new stake in shares of Cummins during the first quarter worth approximately $440,000. Invesco Ltd. increased its stake in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after buying an additional 126,362 shares during the period. Finally, Artemis Investment Management LLP increased its stake in shares of Cummins by 19.1% during the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock worth $2,428,000 after buying an additional 1,241 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on CMI shares. JPMorgan Chase & Co. upped their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Truist Financial upped their target price on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Barclays upped their target price on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research note on Monday. Finally, Melius 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 note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $410.50.

Insiders Place Their Bets

In other news, VP Luther E. Peters sold 4,850 shares of the 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 of the company’s stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred 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 directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is owned by insiders.

Cummins Stock Performance

Shares of Cummins stock opened at $414.13 on Tuesday. The firm has a market capitalization of $57.06 billion, a P/E ratio of 19.47, a P/E/G ratio of 1.99 and a beta of 1.04. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51. 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 firm’s 50 day moving average is $411.61 and its two-hundred day moving average is $354.33.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $5.26 earnings per share. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio 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.