Cummins Inc. (NYSE:CMI) Shares Purchased by Sunbelt Securities Inc.

Sunbelt Securities Inc. raised its position in Cummins Inc. (NYSE:CMI) by 33.4% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,808 shares of the company’s stock after purchasing an additional 1,205 shares during the period. Sunbelt Securities Inc.’s holdings in Cummins were worth $1,331,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Atlantic Edge Private Wealth Management LLC lifted its stake in Cummins by 0.7% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after purchasing an additional 35 shares during the last quarter. Fidelis Capital Partners LLC lifted its position in shares of Cummins by 3.4% during the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after buying an additional 38 shares during the last quarter. Greenleaf Trust boosted its holdings in shares of Cummins by 0.5% in the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after buying an additional 40 shares in the last quarter. Bangor Savings Bank grew its position in shares of 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 raised its stake 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 acquiring an additional 41 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Down 0.9 %

CMI opened at $323.47 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. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $333.43. The stock 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. The business has a 50 day simple moving average of $301.00 and a 200-day simple moving average of $290.70.

Cummins (NYSE:CMI) last released 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 company had revenue of $8.80 billion during 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%. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $5.18 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Increases Dividend

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

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred 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 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 accessible through this hyperlink. In other 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 transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 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 sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Robert W. Baird boosted 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. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Raymond James assumed coverage on shares of Cummins in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup initiated coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cummins has a consensus rating of “Hold” and a consensus target price of $299.55.

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.