Sierra Summit Advisors LLC Has $2.16 Million Stock Holdings in Cummins Inc. $CMI

Sierra Summit Advisors LLC increased its stake in Cummins Inc. (NYSE:CMI) by 2.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,592 shares of the company’s stock after acquiring an additional 141 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Cummins were worth $2,159,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its stake in shares of Cummins by 1.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 898,642 shares of the company’s stock valued at $294,305,000 after purchasing an additional 15,531 shares during the last quarter. Covalis Capital LLP lifted its holdings in Cummins by 84.8% in the second quarter. Covalis Capital LLP now owns 76,673 shares of the company’s stock valued at $25,110,000 after buying an additional 35,187 shares during the period. American Century Companies Inc. lifted its holdings in Cummins by 138.8% in the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after buying an additional 528,689 shares during the period. AlphaCore Capital LLC boosted its position in Cummins by 4.2% during the second quarter. AlphaCore Capital LLC now owns 965 shares of the company’s stock valued at $316,000 after acquiring an additional 39 shares during the last quarter. Finally, Mufg Securities Americas Inc. grew its holdings in Cummins by 25.4% during the 2nd quarter. Mufg Securities Americas Inc. now owns 3,053 shares of the company’s stock worth $1,000,000 after acquiring an additional 619 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $472.35 on Friday. The company has a market cap of $65.20 billion, a P/E ratio of 22.21, a PEG ratio of 2.05 and a beta of 1.07. The company has a fifty day simple moving average of $434.70 and a 200 day simple moving average of $381.42. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $484.84.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue was down 1.6% on a year-over-year basis. During the same period last year, the company earned $5.86 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal 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 dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is currently 41.52%.

Insider Activity at Cummins

In other news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 34,960 shares of company stock valued at $15,715,060. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on CMI. Melius upgraded 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. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research report on Friday, November 7th. Citigroup boosted their target price on shares of Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a research report on Friday, November 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Ten analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $445.93.

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.