Optimum Investment Advisors Sells 100 Shares of Cummins Inc. $CMI

Optimum Investment Advisors trimmed its position in Cummins Inc. (NYSE:CMI) by 11.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 800 shares of the company’s stock after selling 100 shares during the period. Optimum Investment Advisors’ holdings in Cummins were worth $262,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after buying an additional 321,823 shares during the last quarter. Northern Trust Corp boosted its position in Cummins by 1.2% in the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after buying an additional 22,202 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cummins by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock valued at $512,343,000 after buying an additional 8,487 shares during the last quarter. Raymond James Financial Inc. boosted its position in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after buying an additional 817,384 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after buying an additional 126,362 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other Cummins news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, 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 legal filing with the SEC, which is accessible through this link. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction dated 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 completion of the sale, 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 quarter, insiders sold 43,119 shares of company stock valued at $17,674,285. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have commented on CMI. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Truist Financial raised their price target on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Finally, JPMorgan Chase & Co. raised their price target on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Cummins Stock Performance

CMI stock opened at $421.79 on Friday. The business’s 50-day moving average price is $412.77 and its two-hundred day moving average price is $357.84. 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 firm has a market cap of $58.12 billion, a PE ratio of 19.83, a P/E/G ratio of 1.95 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 earnings results 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 firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $5.26 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins’s payout ratio is currently 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.