SG Americas Securities LLC Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

SG Americas Securities LLC lowered its position in Cummins Inc. (NYSE:CMI) by 76.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 46,309 shares of the company’s stock after selling 150,759 shares during the quarter. SG Americas Securities LLC’s holdings in Cummins were worth $14,994,000 at the end of the most recent reporting period.

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

Cummins Stock Performance

NYSE CMI traded up $4.39 during trading on Friday, reaching $331.74. The company’s stock had a trading volume of 691,513 shares, compared to its average volume of 1,615,336. 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 firm has a market cap of $45.38 billion, a price-to-earnings ratio of 24.29, a P/E/G ratio of 1.81 and a beta of 0.98. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $333.43. The business’s fifty day moving average price is $304.44 and its 200-day moving average price is $291.87.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period in the previous year, the business posted $5.18 earnings per share. The business’s revenue was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared 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 2.19%. This is a positive change 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 53.29%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CMI. Barclays increased their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Citigroup initiated 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. Evercore ISI raised their target price on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. raised 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 equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $299.55.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’s 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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’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 completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Cummins 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.