Wealthfront Advisers LLC decreased its position in Cummins Inc. (NYSE:CMI – Get Rating) by 54.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,303 shares of the company's stock after selling 6,438 shares during the quarter. Wealthfront Advisers LLC's holdings in Cummins were worth $1,026,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in CMI. Cyrus J. Lawrence LLC bought a new stake in shares of Cummins in the 1st quarter worth $25,000. Tyler Stone Wealth Management bought a new stake in shares of Cummins in the 1st quarter worth $25,000. Mystic Asset Management Inc. bought a new stake in shares of Cummins in the 4th quarter worth $27,000. Cornerstone Advisory LLC bought a new stake in shares of Cummins in the 4th quarter worth $40,000. Finally, Bank of New Hampshire purchased a new position in shares of Cummins in the 1st quarter worth about $41,000. Institutional investors own 80.98% of the company's stock.
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Insider Buying and Selling
In related news, VP Sharon R. Barner sold 3,115 shares of the company's stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $225.11, for a total value of $701,217.65. Following the transaction, the vice president now directly owns 16,348 shares in the company, valued at $3,680,098.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 3,115 shares of the company's stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $225.11, for a total value of $701,217.65. Following the transaction, the vice president now directly owns 16,348 shares in the company, valued at $3,680,098.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Tony Satterthwaite sold 4,866 shares of the company's stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $230.18, for a total transaction of $1,120,055.88. Following the completion of the transaction, the insider now owns 59,276 shares in the company, valued at $13,644,149.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,001 shares of company stock worth $3,157,774. Insiders own 1.05% of the company's stock.
Cummins Trading Up 3.0 %
Shares of Cummins stock opened at $209.59 on Tuesday. Cummins Inc. has a 12-month low of $184.27 and a 12-month high of $247.48. The company has a market cap of $29.55 billion, a price-to-earnings ratio of 14.68, a PEG ratio of 1.29 and a beta of 1.00. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36. The company's 50-day moving average price is $216.79 and its 200-day moving average price is $206.40.
Cummins (NYSE:CMI – Get Rating) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $4.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.37 by $0.40. Cummins had a net margin of 8.26% and a return on equity of 23.41%. The firm had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.48 billion. During the same period in the prior year, the firm posted $4.15 earnings per share. The company's revenue for the quarter was up 7.8% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 18.03 earnings per share for the current fiscal year.
Cummins Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 19th were given a $1.57 dividend. This represents a $6.28 annualized dividend and a dividend yield of 3.00%. This is a boost from Cummins's previous quarterly dividend of $1.45. The ex-dividend date of this dividend was Thursday, August 18th. Cummins's dividend payout ratio is 43.98%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently weighed in on CMI shares. Credit Suisse Group boosted their price target on shares of Cummins from $249.00 to $266.00 and gave the stock an "outperform" rating in a report on Wednesday, August 3rd. Deutsche Bank Aktiengesellschaft cut their price target on shares of Cummins from $232.00 to $216.00 and set a "hold" rating on the stock in a report on Wednesday, July 13th. Sanford C. Bernstein downgraded shares of Cummins from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $238.00 to $190.00 in a report on Wednesday, July 20th. Cowen cut their price target on shares of Cummins from $281.00 to $267.00 in a report on Thursday, July 7th. Finally, StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, August 3rd. Five analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cummins presently has an average rating of "Moderate Buy" and a consensus price target of $241.22.
Cummins Company Profile
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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.
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