Nisa Investment Advisors LLC Sells 60,102 Shares of Cummins Inc. $CMI

Nisa Investment Advisors LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 49.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 62,281 shares of the company’s stock after selling 60,102 shares during the period. Nisa Investment Advisors LLC’s holdings in Cummins were worth $20,397,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Wealthfront Advisers LLC increased its holdings in Cummins by 6.5% during the second quarter. Wealthfront Advisers LLC now owns 11,493 shares of the company’s stock worth $3,764,000 after buying an additional 705 shares during the last quarter. QV Investors Inc. increased its holdings in Cummins by 0.6% during the second quarter. QV Investors Inc. now owns 14,305 shares of the company’s stock worth $4,685,000 after buying an additional 90 shares during the last quarter. Brighton Jones LLC increased its holdings in Cummins by 67.1% during the second quarter. Brighton Jones LLC now owns 4,133 shares of the company’s stock worth $1,353,000 after buying an additional 1,660 shares during the last quarter. Leavell Investment Management Inc. purchased a new stake in Cummins during the second quarter worth about $202,000. Finally, Burke & Herbert Bank & Trust Co. increased its holdings in Cummins by 13.0% during the second quarter. Burke & Herbert Bank & Trust Co. now owns 1,521 shares of the company’s stock worth $498,000 after buying an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of Cummins 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 completion of the sale, the vice president directly owned 20,738 shares in the company, valued at $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The shares were 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 of the company’s stock, valued at approximately $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock valued at $17,674,285 in the last three months. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on CMI shares. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Robert W. Baird lifted their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. Barclays lifted their target price on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a research note on Monday, October 20th. Finally, Citigroup lifted their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $410.50.

Cummins Price Performance

CMI stock opened at $421.79 on Monday. The firm has a 50 day moving average of $412.77 and a 200-day moving average of $358.27. 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 12 month low of $260.02 and a 12 month high of $440.51. The firm has a market capitalization of $58.12 billion, a P/E ratio of 19.83, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04.

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

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is 37.61%.

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.