Cummins Inc. $CMI Shares Sold by Stratos Wealth Partners LTD.

Stratos Wealth Partners LTD. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 6.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,995 shares of the company’s stock after selling 141 shares during the quarter. Stratos Wealth Partners LTD.’s holdings in Cummins were worth $653,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Olde Wealth Management LLC bought a new position in shares of Cummins in the first quarter worth $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins in the first quarter worth about $31,000. Richardson Financial Services Inc. bought a new position in Cummins in the 1st quarter valued at about $39,000. Costello Asset Management INC bought a new position in Cummins in the 1st quarter valued at about $40,000. Finally, Wealth Preservation Advisors LLC acquired a new position in Cummins during the 1st quarter valued at about $41,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Price Performance

CMI opened at $408.02 on Thursday. The stock has a fifty day moving average of $412.04 and a 200-day moving average of $355.14. The firm has a market capitalization of $56.22 billion, a P/E ratio of 19.18, a PEG ratio of 1.94 and a beta of 1.04. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

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

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. Cummins’s dividend payout ratio is currently 37.61%.

Insiders Place Their Bets

In other Cummins news, VP Robert Enright sold 1,860 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares in the company, valued at $384,158.30. This represents a 66.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock valued at $17,674,285 over the last ninety days. Insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of several recent analyst reports. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Barclays lifted their target price on Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a report on Monday. Finally, Robert W. Baird upped their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $410.50.

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.