Chilton Capital Management LLC Decreases Stake in Cummins Inc. $CMI

Chilton Capital Management LLC reduced its position in Cummins Inc. (NYSE:CMI) by 5.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 848 shares of the company’s stock after selling 52 shares during the period. Chilton Capital Management LLC’s holdings in Cummins were worth $278,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in CMI. Olde Wealth Management LLC purchased a new stake in Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC purchased a new stake in Cummins during the first quarter valued at approximately $31,000. Richardson Financial Services Inc. purchased a new stake in Cummins during the first quarter valued at approximately $39,000. Costello Asset Management INC purchased a new stake in Cummins during the first quarter valued at approximately $40,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in Cummins during the first quarter valued at approximately $41,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of the business’s stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Robert Enright sold 1,860 shares of the business’s 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 directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock valued at $17,674,285 in the last ninety days. 0.41% of the stock is currently owned by corporate insiders.

Cummins Price Performance

Shares of Cummins stock opened at $421.79 on Monday. 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 Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. 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. The business has a 50-day moving average price of $412.77 and a 200 day moving average price of $358.27.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Investors 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 yield of 1.9%. Cummins’s dividend payout ratio is currently 37.61%.

Analyst Ratings Changes

A number of brokerages have issued reports on CMI. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. Truist Financial increased their price target on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. JPMorgan Chase & Co. increased their price target on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Finally, Citigroup increased their price objective on 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 given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $410.50.

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.