Cummins Inc. $CMI Shares Sold by Sierra Summit Advisors LLC

Sierra Summit Advisors LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 19.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,500 shares of the company’s stock after selling 1,324 shares during the period. Sierra Summit Advisors LLC’s holdings in Cummins were worth $2,959,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Thompson Investment Management Inc. acquired a new position in Cummins during the fourth quarter worth $26,000. Activest Wealth Management increased its stake in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins during the 4th quarter worth $27,000. Key Financial Inc raised its holdings in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares during the period. Finally, Birchwood Financial Partners Inc. acquired a new position in shares of Cummins during the 4th quarter valued at about $28,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Marvin Boakye sold 3,481 shares of the firm’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. This represents a 29.03% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 in the last three months. 0.30% of the stock is currently owned by corporate insiders.

Cummins Stock Down 2.9%

Shares of CMI opened at $662.21 on Friday. The firm has a market cap of $91.38 billion, a P/E ratio of 34.36, a price-to-earnings-growth ratio of 1.67 and a beta of 1.22. Cummins Inc. has a 12-month low of $325.25 and a 12-month high of $737.76. The company’s 50-day moving average price is $677.11 and its 200 day moving average price is $603.19. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm posted $5.96 earnings per share. Cummins’s revenue was up 2.7% compared to the same quarter last year. On average, sell-side analysts forecast that Cummins Inc. will post 29.31 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of analyst reports. Wells Fargo & Company upped their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Raymond James Financial boosted their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Morgan Stanley increased their price target on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Zacks Research upgraded shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Finally, UBS Group reaffirmed a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $738.00.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.