Cummins Inc. (NYSE:CMI) Holdings Lowered by Resources Management Corp CT ADV

Resources Management Corp CT ADV trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 5.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,288 shares of the company’s stock after selling 183 shares during the quarter. Resources Management Corp CT ADV’s holdings in Cummins were worth $911,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Atlantic Edge Private Wealth Management LLC raised its position in shares of Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after buying an additional 35 shares in the last quarter. Fidelis Capital Partners LLC raised its position in shares of Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after buying an additional 38 shares in the last quarter. Greenleaf Trust raised its position in shares of Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after buying an additional 40 shares in the last quarter. Bangor Savings Bank grew its stake in shares of 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. Finally, Aptus Capital Advisors LLC grew its stake in shares of Cummins by 2.6% in the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock worth $453,000 after purchasing an additional 41 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of CMI opened at $313.52 on Tuesday. The company’s 50 day moving average price is $298.21 and its 200 day moving average price is $288.78. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The company has a market capitalization of $42.88 billion, a PE ratio of 22.95, a PEG ratio of 1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $5.18 earnings per share. Research analysts expect that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a $1.82 dividend. The ex-dividend date was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.32%. Cummins’s payout ratio is 53.29%.

Insider Buying and Selling at Cummins

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Evercore ISI lifted their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Barclays lifted their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Truist Financial lifted their price objective on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Robert W. Baird lifted their price objective on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Citigroup initiated coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $299.55.

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.