Securian Asset Management Inc. Trims Stake in Cummins Inc. $CMI

Securian Asset Management Inc. reduced its position in shares of Cummins Inc. (NYSE:CMI) by 1.7% in the second quarter, Holdings Channel reports. The firm owned 7,170 shares of the company’s stock after selling 123 shares during the period. Securian Asset Management Inc.’s holdings in Cummins were worth $2,348,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in CMI. Brighton Jones LLC grew its position in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Cummins by 22.3% during the 1st quarter. GAMMA Investing LLC now owns 3,801 shares of the company’s stock valued at $1,191,000 after purchasing an additional 692 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Cummins by 35.3% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,658 shares of the company’s stock valued at $9,923,000 after purchasing an additional 8,261 shares in the last quarter. PFG Investments LLC grew its position in shares of Cummins by 2.5% during the 1st quarter. PFG Investments LLC now owns 2,260 shares of the company’s stock valued at $708,000 after purchasing an additional 56 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in shares of Cummins by 5.2% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 33,987 shares of the company’s stock valued at $10,653,000 after purchasing an additional 1,678 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Barclays upped their target price on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research report on Monday. Truist Financial upped their target price on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Citigroup upped their target price on shares of 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 upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. One equities 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $410.50.

Cummins Stock Performance

NYSE CMI opened at $418.33 on Wednesday. The company has a 50-day simple moving average of $412.01 and a two-hundred day simple moving average of $354.77. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51. The firm has a market cap of $57.64 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 2.00 and a beta of 1.04.

Cummins (NYSE:CMI) last posted 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 net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same period in the prior year, the business posted $5.26 earnings per share. The company’s revenue was down 1.7% on a year-over-year basis. On average, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

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

Insider Activity

In other news, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the transaction, the director directly owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is owned by corporate insiders.

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.