Summit Financial Wealth Advisors LLC Lowers Stock Position in Cummins Inc. $CMI

Summit Financial Wealth Advisors LLC cut its holdings in Cummins Inc. (NYSE:CMI) by 3.5% during the second quarter, Holdings Channel reports. The institutional investor owned 32,837 shares of the company’s stock after selling 1,196 shares during the quarter. Cummins makes up approximately 1.9% of Summit Financial Wealth Advisors LLC’s investment portfolio, making the stock its 15th biggest position. Summit Financial Wealth Advisors LLC’s holdings in Cummins were worth $10,754,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in CMI. BNP Paribas boosted its position in shares of Cummins by 1.8% in the 2nd quarter. BNP Paribas now owns 1,422 shares of the company’s stock worth $466,000 after purchasing an additional 25 shares in the last quarter. Orca Wealth Management LLC raised its stake in Cummins by 0.6% during the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after buying an additional 28 shares during the last quarter. V Square Quantitative Management LLC boosted its holdings in Cummins by 1.0% in the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after acquiring an additional 31 shares in the last quarter. Empirical Finance LLC grew its stake in shares of Cummins by 0.7% in the second quarter. Empirical Finance LLC now owns 4,919 shares of the company’s stock worth $1,611,000 after acquiring an additional 32 shares during the last quarter. Finally, Van Hulzen Asset Management LLC increased its holdings in shares of Cummins by 1.2% during the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after acquiring an additional 34 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 31,581 shares of company stock valued at $14,420,249. 0.41% of the stock is owned by company insiders.

Cummins Stock Down 2.5%

CMI opened at $510.11 on Monday. The stock has a market capitalization of $70.42 billion, a price-to-earnings ratio of 26.47, a PEG ratio of 2.01 and a beta of 1.10. The firm has a 50 day moving average price of $459.47 and a 200-day moving average price of $400.93. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $526.50. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The firm’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the company posted $5.86 earnings per share. Equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Friday, November 21st. Cummins’s dividend payout ratio is 41.52%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Argus upped their target price on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research report on Monday, December 8th. Finally, UBS Group upgraded shares of Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Eleven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $482.87.

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.