First City Capital Management Inc. Reduces Holdings in Cummins Inc. (NYSE:CMI)

First City Capital Management Inc. reduced its stake in Cummins Inc. (NYSE:CMI) by 3.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,916 shares of the company’s stock after selling 62 shares during the period. First City Capital Management Inc.’s holdings in Cummins were worth $531,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Cummins by 0.7% in the second 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 during the period. Fidelis Capital Partners LLC grew its holdings in Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after acquiring an additional 38 shares during the last quarter. Greenleaf Trust increased its position in shares of Cummins by 0.5% in the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after acquiring an additional 40 shares during the period. Bangor Savings Bank raised its stake in shares of Cummins by 39.2% during the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after acquiring an additional 40 shares during the last quarter. Finally, Aptus Capital Advisors LLC boosted its holdings in shares of Cummins by 2.6% during the second 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 period. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.3 %

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

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

Cummins Increases Dividend

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm’s 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 sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the firm’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’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 value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

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.