First Command Advisory Services Inc. Cuts Stake in Cummins Inc. $CMI

First Command Advisory Services Inc. cut its stake in Cummins Inc. (NYSE:CMI) by 2.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,943 shares of the company’s stock after selling 47 shares during the quarter. First Command Advisory Services Inc.’s holdings in Cummins were worth $636,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Olde Wealth Management LLC purchased a new position in Cummins in the first quarter valued at about $30,000. Accredited Wealth Management LLC purchased a new position in Cummins in the first quarter valued at about $31,000. Richardson Financial Services Inc. purchased a new position in Cummins in the first quarter valued at about $39,000. Costello Asset Management INC purchased a new stake in shares of Cummins during the first quarter worth about $40,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in shares of Cummins during the first quarter worth about $41,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 1.0%

NYSE:CMI opened at $421.79 on Monday. The company has a market capitalization of $58.12 billion, a price-to-earnings ratio of 19.83, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The stock has a 50-day simple moving average of $412.77 and a 200 day simple moving average of $358.27. 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 posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the firm earned $5.26 earnings per share. Sell-side analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

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

Insider Buying and Selling

In other Cummins news, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president directly owned 7,693 shares in the company, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 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 completion of the transaction, the vice president owned 20,738 shares of the company’s stock, 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 sold a total of 43,119 shares of company stock valued at $17,674,285 over the last 90 days. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CMI shares. Truist Financial lifted their target price on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Citigroup lifted their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Finally, Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $410.50.

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.