Stonebridge Financial Group LLC Raises Stake in Cummins Inc. $CMI

Stonebridge Financial Group LLC increased its stake in Cummins Inc. (NYSE:CMI) by 3.0% during the second quarter, according to its most recent filing with the SEC. The fund owned 13,957 shares of the company’s stock after buying an additional 409 shares during the quarter. Stonebridge Financial Group LLC’s holdings in Cummins were worth $4,571,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. Brighton Jones LLC boosted its holdings in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in Cummins by 22.9% during the first quarter. Farther Finance Advisors LLC now owns 2,753 shares of the company’s stock valued at $868,000 after purchasing an additional 513 shares during the last quarter. Wealthcare Advisory Partners LLC lifted its holdings in Cummins by 7.2% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,807 shares of the company’s stock valued at $1,193,000 after purchasing an additional 255 shares during the last quarter. GAMMA Investing LLC lifted its holdings in Cummins by 22.3% during the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company’s stock valued at $1,191,000 after purchasing an additional 692 shares during the last quarter. Finally, Simplicity Wealth LLC purchased a new stake in Cummins during the first quarter valued at about $964,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred 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 directly owned 20,738 shares in the company, valued at $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is currently owned by corporate insiders.

Cummins Stock Down 2.3%

CMI stock opened at $426.20 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company’s 50 day moving average is $406.06 and its 200 day moving average is $348.80. The stock has a market cap of $58.73 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 2.11 and a beta of 1.04. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51.

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

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is a positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a report on Friday, July 11th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Finally, Citigroup upped their price objective on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $397.43.

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.