Smithbridge Asset Management Inc. DE Has $1.32 Million Stock Holdings in Cummins Inc. $CMI

Smithbridge Asset Management Inc. DE cut its stake in shares of Cummins Inc. (NYSE:CMI) by 6.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,044 shares of the company’s stock after selling 278 shares during the period. Smithbridge Asset Management Inc. DE’s holdings in Cummins were worth $1,324,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $31,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins in the first quarter valued at approximately $39,000. Costello Asset Management INC acquired a new stake in shares of Cummins in the first quarter valued at approximately $40,000. Finally, Wealth Preservation Advisors LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $41,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have recently issued reports on CMI shares. Robert W. Baird raised their price objective on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. Barclays increased their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research note on Tuesday. Citigroup increased their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Finally, Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. One 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’s stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $407.43.

Insider Buying and Selling

In other news, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by company insiders.

Cummins Trading Down 0.2%

Shares of CMI opened at $422.34 on Friday. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The business’s fifty day moving average is $410.61 and its 200-day moving average is $352.08. 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 firm has a market cap of $58.19 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 2.04 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the company posted $5.26 EPS. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. Equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

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

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.