Hilltop Holdings Inc. Decreases Stake in Cummins Inc. $CMI

Hilltop Holdings Inc. lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 41.3% in the first quarter, HoldingsChannel.com reports. The firm owned 1,382 shares of the company’s stock after selling 972 shares during the quarter. Hilltop Holdings Inc.’s holdings in Cummins were worth $744,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Compound Planning Inc. increased its stake in shares of Cummins by 0.9% in the first quarter. Compound Planning Inc. now owns 3,188 shares of the company’s stock worth $1,715,000 after buying an additional 28 shares during the period. Klingman & Associates LLC raised its holdings in Cummins by 2.2% during the 1st quarter. Klingman & Associates LLC now owns 1,154 shares of the company’s stock valued at $621,000 after buying an additional 25 shares during the last quarter. Modern Wealth Management LLC boosted its position in Cummins by 4.2% during the 1st quarter. Modern Wealth Management LLC now owns 2,601 shares of the company’s stock valued at $1,431,000 after buying an additional 106 shares during the period. Keebeck Wealth Management grew its holdings in Cummins by 42.2% in the 1st quarter. Keebeck Wealth Management now owns 1,372 shares of the company’s stock worth $738,000 after acquiring an additional 407 shares during the last quarter. Finally, Bank of Nova Scotia grew its holdings in Cummins by 3.4% in the 1st quarter. Bank of Nova Scotia now owns 28,925 shares of the company’s stock worth $15,562,000 after acquiring an additional 949 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the sale, the chief accounting officer directly owned 14,084 shares in the company, valued at $9,652,328.56. The trade was a 14.60% 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, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 13,579 shares of company stock worth $9,377,684. Company insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Barclays upped their price objective on shares of Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Evercore reissued an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Citigroup boosted their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Raymond James Financial upped their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Finally, Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $740.07.

Cummins Trading Down 0.1%

NYSE:CMI opened at $663.96 on Monday. The company has a 50-day moving average price of $672.19 and a 200-day moving average price of $619.89. Cummins Inc. has a 12 month low of $354.68 and a 12 month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The stock has a market cap of $91.62 billion, a price-to-earnings ratio of 34.46, a P/E/G ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the company earned $5.96 earnings per share. Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. Equities analysts predict that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is presently 45.67%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.