Massmutual Trust Co. FSB ADV Sells 77 Shares of Cummins Inc. (NYSE:CMI)

Massmutual Trust Co. FSB ADV decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 0.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 10,647 shares of the company’s stock after selling 77 shares during the quarter. Massmutual Trust Co. FSB ADV’s holdings in Cummins were worth $3,447,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the 2nd quarter worth $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins during the 2nd quarter worth about $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins during the 2nd quarter worth about $29,000. LRI Investments LLC purchased a new position in shares of Cummins during the 1st quarter worth about $31,000. Finally, JNBA Financial Advisors boosted its stake in shares of Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $327.36 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The company has a fifty day moving average of $303.61 and a two-hundred day moving average of $291.55. The stock has a market capitalization of $44.78 billion, a PE ratio of 23.96, a P/E/G ratio of 1.81 and a beta of 0.98. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $333.43.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business 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 quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $5.18 earnings per share. As a group, research analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.22%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 53.29%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CMI. Robert W. Baird lifted 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. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Barclays boosted 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. Evercore ISI boosted their target price 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. Finally, Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They set 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 given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $299.55.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated 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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on 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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on 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 transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

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.