Ashton Thomas Private Wealth LLC Has $273,000 Stake in Cummins Inc. $CMI

Ashton Thomas Private Wealth LLC decreased its holdings in Cummins Inc. (NYSE:CMI) by 85.4% during the second quarter, Holdings Channel.com reports. The firm owned 834 shares of the company’s stock after selling 4,865 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Cummins were worth $273,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Applied Finance Capital Management LLC increased its stake 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. acquired a new position in shares of Cummins in the first quarter worth $2,749,000. Alpha Cubed Investments LLC acquired a new position in shares of Cummins in the first quarter worth $440,000. Invesco Ltd. increased its stake in shares of Cummins by 11.6% in the first 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 last quarter. Finally, Jump Financial LLC increased its stake in shares of Cummins by 101.9% in the first quarter. Jump Financial LLC now owns 5,843 shares of the company’s stock worth $1,831,000 after acquiring an additional 2,949 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on CMI shares. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Barclays increased their price objective on Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a report on Monday, October 20th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Robert W. Baird increased 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. Finally, Citigroup increased their price target on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. One research 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 given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $410.50.

Cummins Stock Performance

Shares of NYSE CMI opened at $438.34 on Friday. 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 firm has a market cap of $60.40 billion, a price-to-earnings ratio of 20.61, a P/E/G ratio of 2.05 and a beta of 1.04. The business’s 50-day simple moving average is $415.90 and its 200-day simple moving average is $362.73. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $449.21.

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. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter last year, the company posted $5.26 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Insiders Place Their Bets

In related news, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 43,319 shares of company stock worth $17,764,105 in the last ninety days. 0.41% of the stock is owned by insiders.

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.