Cummins Inc. (NYSE:CMI) Shares Sold by Summit Trail Advisors LLC

Summit Trail Advisors LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 5.5% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,566 shares of the company’s stock after selling 91 shares during the quarter. Summit Trail Advisors LLC’s holdings in Cummins were worth $434,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Cummins by 11.3% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 31,394 shares of the company’s stock valued at $8,694,000 after purchasing an additional 3,200 shares in the last quarter. Ranch Capital Advisors Inc. raised its stake in Cummins by 1.1% in the second quarter. Ranch Capital Advisors Inc. now owns 5,096 shares of the company’s stock valued at $1,411,000 after buying an additional 54 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Cummins by 44.5% during the 2nd quarter. Canada Pension Plan Investment Board now owns 145,309 shares of the company’s stock worth $40,240,000 after acquiring an additional 44,762 shares in the last quarter. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Cummins by 2.5% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 28,999 shares of the company’s stock valued at $8,031,000 after acquiring an additional 707 shares during the last quarter. Finally, Ieq Capital LLC raised its position in shares of Cummins by 13.9% during the 2nd quarter. Ieq Capital LLC now owns 7,078 shares of the company’s stock worth $1,960,000 after acquiring an additional 865 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CMI shares. Robert W. Baird increased their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Evercore ISI raised their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. JPMorgan Chase & Co. boosted their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Finally, Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and an average price target of $299.55.

Insider Activity at Cummins

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

Cummins Price Performance

Shares of NYSE CMI opened at $313.52 on Tuesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a market cap of $42.88 billion, a PE ratio of 22.95, a P/E/G ratio of 1.70 and a beta of 0.98. The stock has a fifty day moving average price of $298.21 and a 200 day moving average price of $288.78. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83.

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

Cummins Increases Dividend

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

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.