Eastern Bank Sells 58 Shares of Cummins Inc. $CMI

Eastern Bank decreased its position in shares of Cummins Inc. (NYSE:CMI) by 5.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 950 shares of the company’s stock after selling 58 shares during the quarter. Eastern Bank’s holdings in Cummins were worth $311,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Olde Wealth Management LLC bought a new stake in shares of Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC bought a new stake in shares of Cummins during the first quarter valued at approximately $31,000. Opal Wealth Advisors LLC bought a new stake in shares of Cummins during the first quarter valued at approximately $37,000. Richardson Financial Services Inc. bought a new stake in shares of Cummins during the first quarter valued at approximately $39,000. Finally, Costello Asset Management INC bought a new stake in shares of Cummins during the first quarter valued at approximately $40,000. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other Cummins news, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president owned 955 shares of the company’s stock, valued at approximately $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares in the company, valued at $2,994,038.67. This represents a 38.67% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is currently owned by insiders.

Cummins Stock Down 3.1%

CMI stock opened at $413.28 on Monday. The stock’s fifty day simple moving average is $407.21 and its two-hundred day simple moving average is $349.70. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51. The stock has a market cap of $56.94 billion, a P/E ratio of 19.43, a P/E/G ratio of 1.99 and a beta of 1.04.

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. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter in the previous year, the firm earned $5.26 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. Analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a $2.00 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s payout ratio is presently 37.61%.

Analyst Ratings Changes

CMI has been the subject of several recent research reports. Barclays boosted their price objective on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Wells Fargo & Company raised Cummins to an “overweight” rating in a research report on Monday, August 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research report on Saturday, September 27th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $397.43.

Cummins 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.