Ballast Advisors LLC Sells 85 Shares of Cummins Inc. $CMI

Ballast Advisors LLC lessened its position in shares of Cummins Inc. (NYSE:CMI) by 11.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 659 shares of the company’s stock after selling 85 shares during the period. Ballast Advisors LLC’s holdings in Cummins were worth $216,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC increased its holdings in Cummins by 67.1% during the 2nd quarter. Brighton Jones LLC now owns 4,133 shares of the company’s stock worth $1,353,000 after acquiring an additional 1,660 shares during the period. Leavell Investment Management Inc. bought a new stake in Cummins during the 2nd quarter worth approximately $202,000. Burke & Herbert Bank & Trust Co. increased its holdings in Cummins by 13.0% during the 2nd quarter. Burke & Herbert Bank & Trust Co. now owns 1,521 shares of the company’s stock worth $498,000 after acquiring an additional 175 shares during the period. AG2R LA Mondiale Gestion D Actifs increased its holdings in Cummins by 3.6% during the 2nd quarter. AG2R LA Mondiale Gestion D Actifs now owns 5,616 shares of the company’s stock worth $1,839,000 after acquiring an additional 195 shares during the period. Finally, Ranch Capital Advisors Inc. increased its holdings in Cummins by 4.3% during the 2nd quarter. Ranch Capital Advisors Inc. now owns 5,666 shares of the company’s stock worth $1,856,000 after acquiring an additional 231 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $421.79 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The stock has a market capitalization of $58.12 billion, a price-to-earnings ratio of 19.83, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. The company has a fifty day moving average of $412.77 and a 200-day moving average of $357.84. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.26 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins’s dividend payout ratio is presently 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president directly owned 955 shares of the company’s stock, valued at $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock worth $17,674,285 over the last ninety days. 0.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have commented on CMI. Barclays boosted their price target on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research note on Monday, October 20th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Truist Financial upped their price objective on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday, October 8th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $410.50.

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.