Freedom Investment Management Inc. Has $482,000 Stake in Cummins Inc. $CMI

Freedom Investment Management Inc. decreased its position in Cummins Inc. (NYSE:CMI) by 4.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,472 shares of the company’s stock after selling 67 shares during the period. Freedom Investment Management Inc.’s holdings in Cummins were worth $482,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in CMI. Brighton Jones LLC raised its holdings in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the period. GAMMA Investing LLC raised its holdings in shares of Cummins by 22.3% during the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company’s stock valued at $1,191,000 after purchasing an additional 692 shares during the period. Perigon Wealth Management LLC raised its holdings in shares of Cummins by 0.6% during the first quarter. Perigon Wealth Management LLC now owns 6,588 shares of the company’s stock valued at $2,065,000 after purchasing an additional 42 shares during the period. PDS Planning Inc raised its holdings in shares of Cummins by 10.0% during the first quarter. PDS Planning Inc now owns 856 shares of the company’s stock valued at $268,000 after purchasing an additional 78 shares during the period. Finally, Board of the Pension Protection Fund acquired a new position in shares of Cummins during the first quarter valued at about $219,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction dated 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 approximately $8,354,925.44. This represents a 19.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was 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 of the company’s stock, valued at $2,994,038.67. The trade was 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 worth $17,674,285 in the last ninety days. 0.41% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CMI. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Citigroup boosted their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Robert W. Baird boosted their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $410.50.

Cummins Trading Up 1.0%

Shares of CMI stock opened at $421.79 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. 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 50-day simple moving average of $412.77 and a two-hundred day simple moving average of $357.84. The company has a market capitalization of $58.12 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.95 and a beta of 1.04.

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

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is presently 37.61%.

About Cummins

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.