Valeo Financial Advisors LLC Trims Holdings in Cummins Inc. $CMI

Valeo Financial Advisors LLC trimmed its holdings in Cummins Inc. (NYSE:CMI) by 1.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 11,423 shares of the company’s stock after selling 163 shares during the period. Valeo Financial Advisors LLC’s holdings in Cummins were worth $3,741,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Olde Wealth Management LLC acquired a new position in shares of Cummins in the 1st quarter valued at $30,000. Accredited Wealth Management LLC acquired a new position in shares of Cummins in the 1st quarter valued at $31,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins in the 1st quarter valued at $37,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins in the 1st quarter valued at $39,000. Finally, Costello Asset Management INC acquired a new position in shares of Cummins in the 1st quarter valued at $40,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,119 shares of company stock worth $14,159,885. Corporate insiders own 0.41% of the company’s stock.

Cummins Trading Up 1.6%

NYSE:CMI opened at $439.66 on Tuesday. The stock has a fifty day moving average price of $402.11 and a 200 day moving average price of $346.92. The firm has a market cap of $60.58 billion, a PE ratio of 20.67, a price-to-earnings-growth ratio of 2.09 and a beta of 1.04. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51. 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 (NYSE:CMI) last released 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 business had revenue of $8.64 billion during 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%.The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.26 EPS. Sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is currently 37.61%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CMI shares. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Robert W. Baird lifted their price objective on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Truist Financial lifted their price objective on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Finally, Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Ten equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $393.57.

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.