Cummins Inc. $CMI Shares Sold by Capital City Trust Co. FL

Capital City Trust Co. FL decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.5% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 720 shares of the company’s stock after selling 50 shares during the period. Capital City Trust Co. FL’s holdings in Cummins were worth $236,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Wealthcare Advisory Partners LLC lifted its position in Cummins by 4.5% in the second quarter. Wealthcare Advisory Partners LLC now owns 3,978 shares of the company’s stock valued at $1,303,000 after purchasing an additional 171 shares during the period. Quent Capital LLC lifted its position in Cummins by 15.8% in the second quarter. Quent Capital LLC now owns 733 shares of the company’s stock valued at $240,000 after purchasing an additional 100 shares during the period. QRG Capital Management Inc. lifted its position in Cummins by 52.2% in the second quarter. QRG Capital Management Inc. now owns 47,377 shares of the company’s stock valued at $15,516,000 after purchasing an additional 16,257 shares during the period. Wallington Asset Management LLC lifted its position in Cummins by 1.1% in the second quarter. Wallington Asset Management LLC now owns 34,720 shares of the company’s stock valued at $11,371,000 after purchasing an additional 372 shares during the period. Finally, Cape ANN Savings Bank lifted its position in Cummins by 6.4% in the second quarter. Cape ANN Savings Bank now owns 3,390 shares of the company’s stock valued at $1,110,000 after purchasing an additional 205 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.1%

Shares of CMI opened at $432.87 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a 50 day simple moving average of $400.74 and a 200-day simple moving average of $345.95. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $437.66. The stock has a market cap of $59.65 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 2.09 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $8.45 billion. During the same period last year, the company posted $5.26 EPS. The company’s revenue was down 1.7% on a year-over-year basis. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CMI shares. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Citigroup raised their price objective on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a research report on Saturday, September 27th. Finally, Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $393.57.

Insider Buying and Selling at Cummins

In related news, 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 transaction of $748,203.60. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,119 shares of company stock worth $14,159,885. Corporate insiders own 0.41% of the company’s stock.

Cummins Company 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.