Riverview Trust Co Trims Stock Position in Cummins Inc. $CMI

Riverview Trust Co lowered its position in shares of Cummins Inc. (NYSE:CMI) by 24.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 200 shares of the company’s stock after selling 66 shares during the period. Riverview Trust Co’s holdings in Cummins were worth $66,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. McGuire Investment Group LLC increased its stake in Cummins by 5.2% in the 2nd quarter. McGuire Investment Group LLC now owns 19,109 shares of the company’s stock worth $6,258,000 after acquiring an additional 945 shares during the last quarter. Pure Financial Advisors LLC bought a new position in Cummins in the 2nd quarter worth about $247,000. Woodward Diversified Capital LLC purchased a new position in shares of Cummins during the second quarter worth about $402,000. Trilogy Capital Inc. grew its holdings in shares of Cummins by 6.9% during the second quarter. Trilogy Capital Inc. now owns 8,849 shares of the company’s stock worth $2,898,000 after purchasing an additional 574 shares in the last quarter. Finally, QTR Family Wealth LLC purchased a new position in shares of Cummins during the second quarter worth about $202,000. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of CMI stock opened at $424.85 on Thursday. The firm has a market cap of $58.54 billion, a P/E ratio of 19.97, a P/E/G ratio of 2.04 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $432.50. The business’s 50 day moving average price is $398.13 and its 200-day moving average price is $344.32. 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 issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period last year, the company earned $5.26 EPS. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a $2.00 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Analyst Ratings Changes

Several equities research analysts have issued reports on CMI shares. Truist Financial lifted their target price on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Citigroup upped their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Evercore ISI restated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Finally, Robert W. Baird boosted their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $393.57.

Insider Activity at Cummins

In related news, CFO Mark Andrew Smith sold 6,500 shares of the business’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,119 shares of company stock valued at $14,159,885 over the last three months. Corporate insiders own 0.41% of the company’s stock.

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.