Frank Rimerman Advisors LLC Sells 164 Shares of Cummins Inc. $CMI

Frank Rimerman Advisors LLC decreased its position in Cummins Inc. (NYSE:CMI) by 4.7% during the 2nd quarter, Holdings Channel reports. The firm owned 3,331 shares of the company’s stock after selling 164 shares during the period. Frank Rimerman Advisors LLC’s holdings in Cummins were worth $1,091,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Orca Wealth Management LLC grew its holdings in Cummins by 0.6% in the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after acquiring an additional 28 shares during the last quarter. V Square Quantitative Management LLC grew its stake in shares of Cummins by 1.0% in the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after purchasing an additional 31 shares during the last quarter. Bank of Jackson Hole Trust increased its holdings in Cummins by 1.2% during the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares during the period. Scotia Capital Inc. increased its holdings in Cummins by 0.5% during the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after purchasing an additional 34 shares during the period. Finally, Van Hulzen Asset Management LLC lifted its holdings in Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after buying an additional 34 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares in the company, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the firm’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 36,820 shares of company stock valued at $16,463,263. Insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $465.27 on Wednesday. The company has a 50 day simple moving average of $431.01 and a two-hundred day simple moving average of $378.40. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $484.84. The company has a market capitalization of $64.22 billion, a price-to-earnings ratio of 21.87, a P/E/G ratio of 2.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. During the same quarter in the prior year, the business posted $5.86 EPS. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CMI shares. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Truist Financial lifted their price target on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a report on Friday, November 7th. 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 report on Wednesday, September 3rd. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $475.00 target price on shares of Cummins in a research note on Friday, November 7th. Finally, Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Ten equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $445.93.

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.