Precedent Wealth Partners LLC Cuts Stock Holdings in Cummins Inc. $CMI

Precedent Wealth Partners LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 60.1% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,130 shares of the company’s stock after selling 3,211 shares during the period. Precedent Wealth Partners LLC’s holdings in Cummins were worth $698,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Fairvoy Private Wealth LLC raised its holdings in Cummins by 3.0% during the second quarter. Fairvoy Private Wealth LLC now owns 9,803 shares of the company’s stock worth $3,210,000 after purchasing an additional 281 shares in the last quarter. Franklin Street Advisors Inc. NC raised its holdings in Cummins by 7.5% during the second quarter. Franklin Street Advisors Inc. NC now owns 34,662 shares of the company’s stock worth $11,352,000 after purchasing an additional 2,422 shares in the last quarter. Curran Financial Partners LLC raised its holdings in Cummins by 17.1% during the second quarter. Curran Financial Partners LLC now owns 1,156 shares of the company’s stock worth $379,000 after purchasing an additional 169 shares in the last quarter. Stock Yards Bank & Trust Co. raised its holdings in Cummins by 8.0% during the second quarter. Stock Yards Bank & Trust Co. now owns 5,893 shares of the company’s stock worth $1,930,000 after purchasing an additional 439 shares in the last quarter. Finally, Two Point Capital Management Inc. purchased a new position in Cummins during the second quarter worth about $12,681,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Mark Andrew Smith sold 1,580 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $419.00, for a total transaction of $662,020.00. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,232,858. This trade represents a 4.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,119 shares of company stock valued at $14,159,885 in the last 90 days. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of several recent analyst reports. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Barclays upped their target price on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Citigroup upped their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus price target of $393.57.

Cummins Stock Up 0.1%

CMI stock opened at $432.87 on Friday. The company’s 50 day simple moving average is $400.74 and its 200-day simple moving average is $345.82. The firm has a market capitalization of $59.65 billion, a PE ratio of 20.35, a P/E/G ratio of 2.09 and a beta of 1.04. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $437.66. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business earned $5.26 earnings per share. Equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

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

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.