Cummins Inc. $CMI Shares Sold by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC decreased its holdings in Cummins Inc. (NYSE:CMI) by 19.4% in the 1st quarter, HoldingsChannel reports. The firm owned 5,500 shares of the company’s stock after selling 1,324 shares during the quarter. Sierra Summit Advisors LLC’s holdings in Cummins were worth $2,959,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares in the last quarter. Norges Bank acquired a new position in shares of Cummins in the fourth quarter worth $863,441,000. Boston Partners acquired a new position in shares of Cummins in the third quarter worth $473,471,000. London Co. of Virginia purchased a new stake in shares of Cummins during the third quarter worth $231,732,000. Finally, SG Americas Securities LLC raised its stake in shares of Cummins by 257.9% in the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock valued at $396,343,000 after acquiring an additional 530,812 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 2.9%

Shares of NYSE CMI opened at $662.21 on Friday. The business has a 50-day moving average of $677.11 and a two-hundred day moving average of $603.19. The company has a market capitalization of $91.38 billion, a price-to-earnings ratio of 34.36, a price-to-earnings-growth ratio of 1.67 and a beta of 1.22. Cummins Inc. has a 1 year low of $325.25 and a 1 year high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter in the prior year, the business posted $5.96 EPS. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is currently 41.52%.

Insider Buying and Selling

In other news, VP Jennifer Mary Bush sold 5,000 shares of the company’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last three months. 0.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

CMI has been the subject of a number of recent research reports. Morgan Stanley lifted their target price on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. Raymond James Financial increased 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. UBS Group reiterated a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Finally, Citigroup raised their target price on shares of Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $738.00.

About Cummins

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.