Strong Tower Advisory Services Lowers Stock Position in Cummins Inc. $CMI

Strong Tower Advisory Services cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 31.4% during the first quarter, Holdings Channel.com reports. The firm owned 6,095 shares of the company’s stock after selling 2,789 shares during the period. Strong Tower Advisory Services’ holdings in Cummins were worth $3,279,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of CMI. Nicolet Advisory Services LLC lifted its holdings in Cummins by 1.6% during the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after buying an additional 17 shares during the period. Uhlmann Price Securities LLC increased its holdings in shares of Cummins by 2.4% in the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after acquiring an additional 17 shares during the period. Frank Rimerman Advisors LLC raised its position in shares of Cummins by 0.5% in the 4th quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock worth $1,908,000 after acquiring an additional 18 shares in the last quarter. Financial Consulate Inc. lifted its stake in shares of Cummins by 16.8% during the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock worth $64,000 after purchasing an additional 18 shares during the last quarter. Finally, ICW Investment Advisors LLC lifted its stake in shares of Cummins by 2.6% during the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after purchasing an additional 18 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the company. JPMorgan Chase & Co. lifted their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Raymond James Financial increased their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Wells Fargo & Company raised their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday. Barclays lifted their price objective on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Evercore reissued an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins Trading Down 0.1%

Shares of NYSE:CMI opened at $716.50 on Monday. The business’s 50-day moving average is $663.00 and its 200 day moving average is $591.35. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $737.76. The firm has a market capitalization of $98.87 billion, a P/E ratio of 37.18, a P/E/G ratio of 1.74 and a beta of 1.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the company earned $5.96 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. On average, research analysts predict that Cummins Inc. will post 29.44 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insider Buying and Selling

In other Cummins news, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the transaction, the vice president owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider owned 10,404 shares of the company’s stock, valued at $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,579 shares of company stock worth $9,377,684 over the last ninety days. Company insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.