Community Trust & Investment Co. lessened its holdings in Cummins Inc. (NYSE:CMI – Free Report) by 32.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,615 shares of the company’s stock after selling 2,670 shares during the quarter. Community Trust & Investment Co.’s holdings in Cummins were worth $4,005,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the business. Elevation Wealth Partners LLC increased its holdings in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares during the period. Cedar Mountain Advisors LLC lifted its holdings in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares during the period. Activest Wealth Management lifted its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins in the 4th quarter valued at about $27,000. Finally, Key Financial Inc increased its stake in shares of Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This represents a 29.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This represents a 6.31% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,690 shares of company stock worth $5,360,654 over the last ninety days. 0.30% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
Cummins Stock Up 0.0%
Shares of Cummins stock opened at $644.21 on Friday. Cummins Inc. has a one year low of $383.90 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.11. The stock’s 50-day moving average is $668.83 and its 200 day moving average is $625.16. The firm has a market cap of $88.68 billion, a price-to-earnings ratio of 32.92, a PEG ratio of 1.57 and a beta of 1.24.
Cummins (NYSE:CMI – Get Free Report) last issued its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the firm posted $6.43 earnings per share. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 29.42 EPS for the current year.
Cummins Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is presently 41.52%.
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.
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