Evermay Wealth Management LLC Trims Position in Cummins Inc. $CMI

Evermay Wealth Management LLC lessened its holdings in shares of Cummins Inc. (NYSE:CMI) by 28.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 386 shares of the company’s stock after selling 150 shares during the quarter. Evermay Wealth Management LLC’s holdings in Cummins were worth $126,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Olde Wealth Management LLC acquired a new stake in shares of Cummins during the 1st quarter worth $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins during the 1st quarter worth $31,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins during the 1st quarter worth $39,000. Costello Asset Management INC acquired a new stake in shares of Cummins during the 1st quarter worth $40,000. Finally, Wealth Preservation Advisors LLC acquired a new stake in shares of Cummins during the 1st quarter worth $41,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on CMI shares. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Robert W. Baird upped their price objective on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Finally, Barclays increased their price target on Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $410.50.

Insider Transactions at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction 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 sale, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares in the company, 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 43,119 shares of company stock valued at $17,674,285 over the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Up 0.6%

Shares of NYSE CMI opened at $414.13 on Tuesday. The stock has a fifty day moving average price of $411.61 and a 200 day moving average price of $354.33. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company has a market cap 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 12-month low of $260.02 and a 12-month high of $440.51.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during 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 revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm earned $5.26 earnings per share. Research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

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