Cummins Inc. $CMI Stock Sold by Summit Financial Wealth Advisors LLC

Summit Financial Wealth Advisors LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 22.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,710 shares of the company’s stock after selling 5,800 shares during the period. Cummins accounts for about 1.3% of Summit Financial Wealth Advisors LLC’s investment portfolio, making the stock its 24th largest position. Summit Financial Wealth Advisors LLC’s holdings in Cummins were worth $10,182,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Cummins in the second quarter valued at approximately $8,204,241,000. Bank of America Corp DE purchased a new position in shares of Cummins during the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp acquired a new stake in Cummins during the second quarter worth approximately $973,198,000. Legal & General Group Plc acquired a new stake in Cummins during the second quarter worth approximately $666,635,000. Finally, SG Americas Securities LLC grew its stake in Cummins by 257.9% in the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after acquiring an additional 530,812 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CMI. JPMorgan Chase & Co. cut their price target on Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a report on Wednesday, September 23rd. Truist Financial reduced their price target on Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Citigroup decreased their price objective on Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a report on Monday. UBS Group lowered their price objective on Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Finally, Bank of America lowered their price objective on Cummins from $731.00 to $600.00 in a research report on Thursday, September 24th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $708.18.

Cummins Trading Down 0.1%

CMI stock traded down $0.45 on Thursday, hitting $525.51. 468,048 shares of the company were exchanged, compared to its average volume of 985,666. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. The stock has a market capitalization of $72.34 billion, a price-to-earnings ratio of 26.83, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24. Cummins Inc. has a twelve month low of $405.82 and a twelve month high of $737.76. The business’s fifty day moving average is $560.36 and its two-hundred day moving average is $620.42.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter last year, the business earned $6.43 EPS. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. As a group, research analysts forecast that Cummins Inc. will post 30.10 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be given a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is 44.97%.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.