Cummins Inc. $CMI Shares Sold by Atlantic Edge Private Wealth Management LLC

Atlantic Edge Private Wealth Management LLC cut its stake in shares of Cummins Inc. (NYSE:CMI) by 1.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,461 shares of the company’s stock after selling 67 shares during the quarter. Atlantic Edge Private Wealth Management LLC’s holdings in Cummins were worth $1,789,000 as of its most recent SEC filing.

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

Cummins Stock Performance

Cummins stock opened at $414.13 on Tuesday. The stock’s 50 day moving average price is $411.61 and its 200 day moving average price is $354.33. The firm has a market capitalization of $57.06 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS 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%.Cummins’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 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed 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%.

Insider Activity at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president directly owned 7,693 shares in the company, valued at $2,994,038.67. The trade was a 38.67% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president owned 955 shares in the company, valued at $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock worth $17,674,285 over the last ninety days. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CMI. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research report on Monday, August 11th. Citigroup raised their price target on Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Barclays raised their price target on Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research report on Monday. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Finally, JPMorgan Chase & Co. raised their price target on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $410.50.

Cummins Company 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.