Cummins Inc. $CMI Shares Sold by Evermay Wealth Management LLC

Evermay Wealth Management LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 28.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 386 shares of the company’s stock after selling 150 shares during the period. Evermay Wealth Management LLC’s holdings in Cummins were worth $126,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Olde Wealth Management LLC acquired a new position in Cummins during the 1st quarter worth approximately $30,000. Accredited Wealth Management LLC acquired a new position in Cummins during the 1st quarter worth approximately $31,000. Richardson Financial Services Inc. acquired a new position in Cummins during the 1st quarter worth approximately $39,000. Costello Asset Management INC acquired a new position in Cummins during the 1st quarter worth approximately $40,000. Finally, Wealth Preservation Advisors LLC acquired a new position in Cummins during the 1st quarter worth approximately $41,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of the 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 transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $13,873,972.60. This represents a 20.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock worth $17,674,285 in the last quarter. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. JPMorgan Chase & Co. boosted their price target on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Finally, Citigroup boosted their price target on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. One research 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $410.50.

Cummins Price Performance

CMI stock opened at $414.13 on Tuesday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The stock’s 50 day moving average price is $411.61 and its 200 day moving average price is $354.33. The firm has a market cap of $57.06 billion, a P/E ratio of 19.47, a PEG ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating 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 quarter in the prior year, the company earned $5.26 EPS. Cummins’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

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.