Summit Financial Wealth Advisors LLC lowered its position in shares of Cummins Inc. (NYSE:CMI – Free Report) by 22.7% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,710 shares of the company’s stock after selling 5,800 shares during the quarter. Cummins accounts for 1.3% of Summit Financial Wealth Advisors LLC’s investment portfolio, making the stock its 24th largest holding. Summit Financial Wealth Advisors LLC’s holdings in Cummins were worth $10,182,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Cummins in the second quarter valued at approximately $8,204,241,000. Bank of America Corp DE acquired a new stake in shares of Cummins in the second quarter valued at about $1,408,353,000. Bank of New York Mellon Corp acquired a new stake in shares of Cummins in the second quarter valued at about $973,198,000. Legal & General Group Plc purchased a new stake in Cummins during the second quarter worth about $666,635,000. Finally, SG Americas Securities LLC boosted its holdings in Cummins by 257.9% during the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after buying an additional 530,812 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.
Cummins Price Performance
NYSE:CMI traded down $0.45 during mid-day trading on Thursday, hitting $525.51. 468,048 shares of the company’s stock traded hands, compared to its average volume of 985,666. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The firm’s 50 day simple moving average is $560.36 and its 200 day simple moving average is $620.42. Cummins Inc. has a 1 year low of $405.82 and a 1 year high of $737.76. The company has a market cap of $72.34 billion, a PE ratio of 26.83, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24.
Cummins (NYSE:CMI – Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the prior year, the company earned $6.43 earnings per share. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. Sell-side analysts expect that Cummins Inc. will post 30.10 EPS for the current year.
Cummins Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio is presently 44.97%.
Insider Buying and Selling
In other Cummins news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have issued reports on CMI shares. Morgan Stanley increased their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Evercore decreased their price target on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research note on Tuesday, August 11th. Truist Financial lowered their price target on Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Finally, DA Davidson raised their price objective on Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target of $708.18.
Check Out Our Latest Stock Analysis on Cummins
About Cummins
Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.
Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.
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