Cummins Inc. (NYSE:CMI) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC decreased its position in Cummins Inc. (NYSE:CMI) by 3.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 17,255 shares of the company’s stock after selling 620 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Cummins were worth $4,778,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC boosted its holdings in shares of Cummins by 0.7% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after acquiring an additional 35 shares during the period. Greenleaf Trust boosted its stake in Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after purchasing an additional 40 shares during the period. Bangor Savings Bank grew its position in Cummins by 39.2% in the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares during the last quarter. Aptus Capital Advisors LLC increased its stake in shares of Cummins by 2.6% in the second quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock valued at $453,000 after purchasing an additional 41 shares during the period. Finally, Harbour Investments Inc. raised its holdings in shares of Cummins by 2.6% during the second quarter. Harbour Investments Inc. now owns 1,681 shares of the company’s stock valued at $466,000 after buying an additional 42 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Robert W. Baird increased their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Evercore ISI boosted their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Citigroup began coverage on shares of Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target for the company. Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $299.55.

Cummins Trading Down 0.3 %

Shares of CMI opened at $308.24 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83. The stock has a market capitalization of $42.16 billion, a P/E ratio of 22.57, a P/E/G ratio of 1.70 and a beta of 0.98. The business’s 50-day moving average price is $297.72 and its 200 day moving average price is $288.34.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same quarter last year, the business posted $5.18 EPS. The company’s revenue was up 2.3% on a year-over-year basis. Analysts expect that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.36%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. Cummins’s payout ratio is presently 53.29%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

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.