Cummins Inc. $CMI Shares Sold by Stratos Wealth Partners LTD.

Stratos Wealth Partners LTD. lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 6.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,995 shares of the company’s stock after selling 141 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Cummins were worth $653,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Applied Finance Capital Management LLC grew its holdings in Cummins by 14.4% in the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after buying an additional 7,656 shares during the period. Fox Run Management L.L.C. purchased a new stake in shares of Cummins during the 1st quarter valued at about $2,749,000. Alpha Cubed Investments LLC acquired a new position in Cummins during the 1st quarter worth approximately $440,000. Invesco Ltd. boosted its holdings in Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after acquiring an additional 126,362 shares during the period. Finally, Artemis Investment Management LLP lifted its position 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 purchasing an additional 1,241 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Melius Research raised shares of 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. Truist Financial upped their price objective on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. Barclays lifted their target price on Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research report on Monday. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Tuesday, October 14th. Finally, Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Cummins Stock Down 2.4%

NYSE:CMI opened at $408.02 on Thursday. 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 company has a market capitalization of $56.22 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 1.94 and a beta of 1.04. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The stock has a 50-day simple moving average of $412.04 and a 200 day simple moving average of $355.14.

Cummins (NYSE:CMI) last announced 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 analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.26 earnings per share. Sell-side analysts predict 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. Investors of record on Friday, November 21st will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 2.0%. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insiders Place Their Bets

In related news, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction that occurred on 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 transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This trade represents a 38.67% 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 worth $17,674,285. Corporate insiders own 0.41% of the company’s stock.

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.