Cummins Inc. (NYSE:CMI) Shares Sold by Crumly & Associates Inc.

Crumly & Associates Inc. trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 2.0% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,296 shares of the company’s stock after selling 46 shares during the period. Crumly & Associates Inc.’s holdings in Cummins were worth $636,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cultivar Capital Inc. purchased a new stake in Cummins during the 2nd quarter worth approximately $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins during the 2nd quarter valued at $28,000. First United Bank & Trust acquired a new position in Cummins in the fourth quarter worth about $25,000. Lynx Investment Advisory bought a new stake in shares of Cummins in the 2nd quarter valued at approximately $29,000. Finally, LRI Investments LLC bought a new stake in Cummins during the first quarter valued at $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent research reports. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. increased their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. TD Cowen raised their target price on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a research note on Friday, May 10th. Finally, Truist Financial boosted their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $299.55.

Cummins Price Performance

CMI stock traded down $6.97 during trading hours on Thursday, hitting $294.76. 215,923 shares of the stock traded hands, compared to its average volume of 1,726,979. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The company has a market cap of $40.32 billion, a P/E ratio of 22.09, a P/E/G ratio of 1.82 and a beta of 0.99. The stock has a 50-day simple moving average of $291.52 and a 200 day simple moving average of $285.61.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business earned $5.18 earnings per share. Equities analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.47%. Cummins’s payout ratio is 53.29%.

About Cummins

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.