Creative Planning Sells 1,688 Shares of Cummins Inc. (NYSE:CMI)

Creative Planning decreased its stake in Cummins Inc. (NYSE:CMI) by 2.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 60,793 shares of the company’s stock after selling 1,688 shares during the period. Creative Planning’s holdings in Cummins were worth $16,835,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC boosted its holdings 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 valued at $1,488,000 after acquiring an additional 35 shares in the last quarter. Fidelis Capital Partners LLC grew its holdings in shares of Cummins by 3.4% during the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after purchasing an additional 38 shares during the last quarter. Greenleaf Trust increased its stake 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 buying an additional 40 shares during the period. Bangor Savings Bank raised its holdings in Cummins by 39.2% in the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after buying an additional 40 shares during the last quarter. Finally, Aptus Capital Advisors LLC boosted its position in Cummins by 2.6% during the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock worth $453,000 after buying an additional 41 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 0.9 %

NYSE CMI 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 business has a 50 day moving average price of $301.00 and a 200-day moving average price of $290.70. 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 market cap of $44.24 billion, a price-to-earnings ratio of 23.68, a P/E/G ratio of 1.81 and a beta of 0.98.

Cummins (NYSE:CMI) last released its quarterly 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. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the previous year, the business earned $5.18 EPS. The company’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Increases Dividend

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

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent research reports. Citigroup started coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Truist Financial raised their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” 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 company an “underweight” rating in a research note on Friday, August 2nd. Evercore ISI raised their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Two 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. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $299.55.

Insider Buying and Selling at Cummins

In other Cummins news, 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 value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, 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 sale, the senior vice president now owns 77,442 shares in the company, 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.

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.