Montag A & Associates Inc. Has $1.93 Million Stock Holdings in Cummins Inc. $CMI

Montag A & Associates Inc. decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 21.4% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 5,898 shares of the company’s stock after selling 1,607 shares during the period. Montag A & Associates Inc.’s holdings in Cummins were worth $1,932,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Accredited Wealth Management LLC acquired a new position in shares of Cummins during the first quarter worth approximately $31,000. Richardson Financial Services Inc. bought a new position in Cummins in the 1st quarter worth approximately $39,000. Costello Asset Management INC acquired a new position in Cummins during the 1st quarter worth $40,000. Wealth Preservation Advisors LLC bought a new position in Cummins in the 1st quarter valued at $41,000. Finally, CNB Bank acquired a new stake in shares of Cummins in the 2nd quarter valued at $43,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMI. Barclays upped their price target on Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a research note on Tuesday. Melius Research upgraded shares of 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. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Ten analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $435.00.

Insider Activity at Cummins

In other news, VP Amy Rochelle Davis sold 5,002 shares of the company’s 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 in the company, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 38,559 shares of company stock valued at $16,842,558. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

CMI opened at $475.70 on Wednesday. The stock has a market cap of $65.54 billion, a P/E ratio of 22.36, a P/E/G ratio of 2.05 and a beta of 1.07. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $484.84. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a fifty day simple moving average of $424.13 and a 200 day simple moving average of $372.39.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.32 billion during the quarter, compared to analysts’ expectations of $7.97 billion. During the same period in the previous year, the firm earned $5.86 earnings per share. The company’s revenue was down 1.6% on a year-over-year basis. On average, research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm 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 dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s dividend payout ratio is presently 41.52%.

About Cummins

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.