US Bancorp DE Lowers Stock Holdings in Cummins Inc. $CMI

US Bancorp DE reduced its position in Cummins Inc. (NYSE:CMI) by 1.4% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 74,816 shares of the company’s stock after selling 1,045 shares during the period. US Bancorp DE owned about 0.05% of Cummins worth $24,503,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tectonic Advisors LLC grew its stake in Cummins by 13.2% in the 2nd quarter. Tectonic Advisors LLC now owns 3,166 shares of the company’s stock worth $1,037,000 after acquiring an additional 369 shares during the period. Columbus Macro LLC grew its stake in Cummins by 22.0% in the 2nd quarter. Columbus Macro LLC now owns 20,550 shares of the company’s stock worth $6,730,000 after acquiring an additional 3,709 shares during the period. Maryland State Retirement & Pension System grew its stake in Cummins by 4.7% in the 2nd quarter. Maryland State Retirement & Pension System now owns 6,689 shares of the company’s stock worth $2,191,000 after acquiring an additional 302 shares during the period. Optas LLC grew its stake in Cummins by 185.4% in the 2nd quarter. Optas LLC now owns 2,138 shares of the company’s stock worth $700,000 after acquiring an additional 1,389 shares during the period. Finally, Massachusetts Wealth Management grew its stake in shares of Cummins by 2.9% during the 2nd quarter. Massachusetts Wealth Management now owns 4,857 shares of the company’s stock valued at $1,591,000 after buying an additional 135 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. This represents a 20.21% 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 three months. Insiders own 0.41% of the company’s stock.

Cummins Stock Down 3.1%

Shares of Cummins stock opened at $413.28 on Friday. The company has a fifty day moving average price of $407.21 and a 200 day moving average price of $349.37. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The stock has a market cap of $56.95 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 2.06 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its quarterly earnings results 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 net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the prior year, the company earned $5.26 EPS. The firm’s revenue was down 1.7% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company 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. The ex-dividend date was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Robert W. Baird boosted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Finally, Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $397.43.

Cummins Company 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.