Cummins Inc. $CMI Holdings Trimmed by QV Investors Inc.

QV Investors Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 19.2% during the 2nd quarter, Holdings Channel.com reports. The firm owned 7,420 shares of the company’s stock after selling 1,765 shares during the period. QV Investors Inc.’s holdings in Cummins were worth $5,292,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Persistent Asset Partners Ltd purchased a new position in Cummins during the 2nd quarter valued at about $26,000. Elevation Wealth Partners LLC lifted its position in shares of Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC lifted its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins during the fourth quarter worth approximately $27,000. Finally, Key Financial Inc boosted its holdings in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.30% of the company’s stock.

Cummins Trading Down 0.0%

Shares of NYSE CMI opened at $564.61 on Monday. The business has a 50 day simple moving average of $647.45 and a 200 day simple moving average of $628.09. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The stock has a market cap of $77.72 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 1.35 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $6.43 EPS. On average, research analysts predict that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a dividend of $2.20 per share. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Citigroup upped their price objective on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Weiss Ratings raised shares of Cummins from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 17th. Robert W. Baird set a $700.00 price target on shares of Cummins in a report on Wednesday, May 6th. Argus upped their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Finally, Barclays upped their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins Company 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.