Chevy Chase Trust Holdings LLC Has $29.81 Million Stake in Cummins Inc. $CMI

Chevy Chase Trust Holdings LLC trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 3.4% during the third quarter, Holdings Channel.com reports. The firm owned 70,572 shares of the company’s stock after selling 2,447 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Cummins were worth $29,807,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC bought a new stake in Cummins in the third quarter valued at about $28,000. Osterweis Capital Management Inc. bought a new position in Cummins in the second quarter valued at approximately $31,000. Guerra Advisors Inc bought a new stake in Cummins in the 3rd quarter valued at $36,000. Salomon & Ludwin LLC boosted its position in shares of Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after buying an additional 80 shares during the period. Finally, Tripletail Wealth Management LLC bought a new position in shares of Cummins during the 3rd quarter worth approximately $39,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, VP Earl Newsome sold 1,300 shares of the firm’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the transaction, the vice president owned 3,389 shares in the company, valued at $1,978,057.63. This trade represents a 27.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction dated Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the sale, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Performance

Shares of CMI stock opened at $535.58 on Monday. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The firm has a market capitalization of $74.00 billion, a PE ratio of 26.10, a price-to-earnings-growth ratio of 1.70 and a beta of 1.12. The firm has a fifty day simple moving average of $574.09 and a two-hundred day simple moving average of $496.58.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. During the same period last year, the business earned $5.16 EPS. The business’s revenue was up 1.1% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Wells Fargo & Company raised their price target on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Robert W. Baird set a $580.00 price objective on shares of Cummins in a research report on Friday, February 6th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Truist Financial reissued a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Finally, Barclays raised their target price on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $588.93.

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.