Cummins Inc. $CMI Shares Sold by First Command Advisory Services Inc.

First Command Advisory Services Inc. cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.4% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,943 shares of the company’s stock after selling 47 shares during the period. First Command Advisory Services Inc.’s holdings in Cummins were worth $636,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in CMI. Brighton Jones LLC boosted its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the period. GAMMA Investing LLC boosted its position in shares of Cummins by 22.3% during the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company’s stock worth $1,191,000 after buying an additional 692 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cummins by 18.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,463 shares of the company’s stock worth $6,740,000 after buying an additional 3,412 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Cummins by 1.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 385,887 shares of the company’s stock worth $120,952,000 after buying an additional 4,302 shares during the period. Finally, Stonebridge Financial Group LLC boosted its position in shares of Cummins by 6.1% during the first quarter. Stonebridge Financial Group LLC now owns 13,548 shares of the company’s stock worth $4,246,000 after buying an additional 774 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

NYSE CMI opened at $421.79 on Monday. The stock has a market capitalization of $58.12 billion, a P/E ratio of 19.83, a P/E/G ratio of 1.95 and a beta of 1.04. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The business’s fifty day moving average is $412.77 and its two-hundred day moving average is $358.27. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last posted its quarterly earnings results 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 company 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%.The firm’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.26 earnings per share. On average, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders 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 dividend yield of 1.9%. Cummins’s dividend payout ratio is currently 37.61%.

Insider Buying and Selling

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 shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock valued at $17,674,285 in the last three months. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on CMI. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. JPMorgan Chase & Co. boosted their target price on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Finally, Truist Financial boosted their target price on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $410.50.

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.