Crescent Sterling Ltd. Reduces Position in Cummins Inc. $CMI

Crescent Sterling Ltd. cut its position in Cummins Inc. (NYSE:CMI) by 6.0% during the second quarter, HoldingsChannel reports. The firm owned 2,890 shares of the company’s stock after selling 185 shares during the quarter. Crescent Sterling Ltd.’s holdings in Cummins were worth $946,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CMI. Olde Wealth Management LLC purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $30,000. Accredited Wealth Management LLC purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $31,000. Richardson Financial Services Inc. purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $39,000. Costello Asset Management INC purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $40,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in shares of Cummins in the 1st quarter valued at approximately $41,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 0.1%

CMI stock opened at $438.34 on Friday. Cummins Inc. has a one year low of $260.02 and a one year high of $449.21. The stock has a market capitalization of $60.40 billion, a PE ratio of 20.61, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04. 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 fifty day moving average of $415.90 and a 200-day moving average of $362.73.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter last year, the business earned $5.26 EPS. The business’s revenue was down 1.7% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

Insider Activity

In other news, CFO Mark Andrew Smith sold 200 shares of the firm’s stock in a transaction on Thursday, October 30th. The shares were sold at an average price of $449.10, for a total value of $89,820.00. Following the completion of the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,183,476.20. This trade represents a 0.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 43,319 shares of company stock worth $17,764,105 over the last quarter. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Finally, Barclays raised their price objective on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research report on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average target price of $410.50.

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.