HighTower Advisors LLC Sells 159,180 Shares of Cummins Inc. $CMI

HighTower Advisors LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 45.1% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 194,076 shares of the company’s stock after selling 159,180 shares during the quarter. HighTower Advisors LLC’s holdings in Cummins were worth $138,417,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC boosted its position in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the period. Intech Investment Management LLC lifted its stake in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares during the period. Treasurer of the State of North Carolina grew its holdings in Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC purchased a new position in Cummins during the 2nd quarter valued at about $225,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins during the 2nd quarter valued at about $31,000. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.30% of the stock is owned by insiders.

Cummins Trading Up 0.1%

NYSE CMI opened at $561.44 on Monday. Cummins Inc. has a 52 week low of $390.11 and a 52 week high of $737.76. The company has a 50 day moving average price of $632.30 and a 200 day moving average price of $626.67. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The firm has a market cap of $77.29 billion, a PE ratio of 28.69, a price-to-earnings-growth ratio of 1.52 and a beta of 1.23.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. During the same quarter last year, the business earned $6.43 earnings per share. Cummins’s revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were issued a dividend of $2.20 per share. The ex-dividend date was Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on CMI shares. CICC Research assumed coverage on shares of Cummins in a research report on Sunday, August 23rd. They issued an “outperform” rating for the company. Truist Financial set a $894.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Argus boosted their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Raymond James Financial upped their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Finally, Citigroup increased their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research report on Tuesday, July 14th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $764.54.

About Cummins

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.