Pathway Financial Advisers LLC Decreases Stock Position in Cummins Inc. (NYSE:CMI)

Pathway Financial Advisers LLC decreased its holdings in Cummins Inc. (NYSE:CMI) by 2.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,015 shares of the company’s stock after selling 170 shares during the period. Pathway Financial Advisers LLC’s holdings in Cummins were worth $2,201,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the business. EP Wealth Advisors LLC boosted its holdings in Cummins by 1.9% in the second quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares during the last quarter. Kimelman & Baird LLC bought a new position in Cummins in the second quarter valued at about $83,000. Quarry LP purchased a new position in Cummins in the second quarter worth about $88,000. Sunbelt Securities Inc. grew its stake in shares of Cummins by 33.4% during the 2nd quarter. Sunbelt Securities Inc. now owns 4,808 shares of the company’s stock valued at $1,331,000 after purchasing an additional 1,205 shares during the period. Finally, NewEdge Advisors LLC increased its holdings in Cummins by 442.9% during the second quarter. NewEdge Advisors LLC now owns 22,080 shares of the company’s stock valued at $6,115,000 after buying an additional 18,013 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’s 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 transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 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 transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now 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 Stock Down 0.9 %

Shares of Cummins stock opened at $323.47 on Tuesday. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $333.43. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The company has a 50 day moving average of $301.00 and a 200 day moving average of $290.70. The company has a market capitalization of $44.24 billion, a P/E ratio of 23.68, a P/E/G ratio of 1.81 and a beta of 0.98.

Cummins (NYSE:CMI) last issued 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 company 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 firm’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company posted $5.18 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a $1.82 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio is currently 53.29%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CMI. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. increased their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Evercore ISI boosted their price target on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Robert W. Baird increased their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Citigroup began coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Two equities research 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.com, Cummins has a consensus rating of “Hold” and a consensus target price of $299.55.

About Cummins

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.