Cummins Inc. $CMI Shares Purchased by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 1.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,028 shares of the company’s stock after purchasing an additional 49 shares during the period. Sequoia Financial Advisors LLC’s holdings in Cummins were worth $1,319,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Raymond James Financial Inc. boosted its stake in shares of Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after acquiring an additional 817,384 shares during the last quarter. AQR Capital Management LLC lifted its position in Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after buying an additional 424,294 shares in the last quarter. Nuveen LLC purchased a new position in Cummins during the first quarter worth approximately $109,120,000. Vanguard Group Inc. lifted its position in Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after buying an additional 321,823 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in Cummins by 74.2% during the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock worth $234,907,000 after buying an additional 319,277 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 0.2%

Cummins stock opened at $422.34 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week 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 company has a market capitalization of $58.19 billion, a P/E ratio of 19.86, a PEG ratio of 2.04 and a beta of 1.04. The stock has a 50-day simple moving average of $410.61 and a 200-day simple moving average of $352.08.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate 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 business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $5.26 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

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

Insider Activity

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the sale, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction that occurred 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 sale, the director directly owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock worth $17,674,285 over the last quarter. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on CMI. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Barclays lifted their target price on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $407.43.

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.