Moors & Cabot Inc. Sells 276 Shares of Cummins Inc. $CMI

Moors & Cabot Inc. cut its position in shares of Cummins Inc. (NYSE:CMI) by 8.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,147 shares of the company’s stock after selling 276 shares during the quarter. Moors & Cabot Inc.’s holdings in Cummins were worth $1,031,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CMI. Accredited Wealth Management LLC purchased a new position in shares of Cummins during the first quarter worth approximately $31,000. Richardson Financial Services Inc. purchased a new position in Cummins in the 1st quarter worth $39,000. Costello Asset Management INC purchased a new position in Cummins in the 1st quarter worth $40,000. Wealth Preservation Advisors LLC bought a new stake in Cummins in the first quarter worth $41,000. Finally, CNB Bank purchased a new stake in Cummins during the second quarter valued at about $43,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $462.18 on Friday. The business has a 50 day moving average of $419.28 and a 200 day moving average of $367.16. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $482.53. The company has a market cap of $63.68 billion, a PE ratio of 21.73, a P/E/G ratio of 2.05 and a beta of 1.07. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. During the same quarter in the previous year, the business posted $5.86 earnings per share. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed 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 is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.7%. Cummins’s dividend payout ratio (DPR) is 37.61%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CMI shares. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Wells Fargo & Company raised Cummins to an “overweight” rating in a research note on Monday, August 11th. Truist Financial increased their price objective on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a report on Wednesday. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $415.15.

Insider Transactions at Cummins

In related news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president directly owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 37,949 shares of company stock valued at $15,674,705. Insiders own 0.41% of the company’s stock.

Cummins Company 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.