Cummins Inc. (NYSE:CMI) Shares Sold by Valeo Financial Advisors LLC

Valeo Financial Advisors LLC reduced its holdings in Cummins Inc. (NYSE:CMI) by 1.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,811 shares of the company’s stock after selling 155 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Cummins were worth $3,775,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Alps Advisors Inc. increased its holdings in Cummins by 4.2% during the 3rd quarter. Alps Advisors Inc. now owns 7,647 shares of the company’s stock valued at $1,747,000 after acquiring an additional 306 shares in the last quarter. Earnest Partners LLC raised its stake in Cummins by 1.7% in the 3rd quarter. Earnest Partners LLC now owns 283,332 shares of the company’s stock valued at $64,730,000 after purchasing an additional 4,635 shares during the last quarter. Legacy Advisors LLC purchased a new position in Cummins in the 3rd quarter valued at about $719,000. KPP Advisory Services LLC acquired a new stake in shares of Cummins during the 3rd quarter worth about $361,000. Finally, Seven Eight Capital LP purchased a new stake in shares of Cummins during the third quarter worth about $534,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their target price for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. JPMorgan Chase & Co. raised their price target on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Citigroup began coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Finally, Truist Financial lowered their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a report on Tuesday. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $287.18.

Cummins Trading Up 1.7 %

Shares of Cummins stock traded up $4.53 during trading hours on Wednesday, hitting $272.08. The company’s stock had a trading volume of 504,647 shares, compared to its average volume of 2,060,036. The business has a fifty day moving average of $281.44 and a 200 day moving average of $269.48. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $37.22 billion, a PE ratio of 19.82, a P/E/G ratio of 1.73 and a beta of 0.99.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. As a group, equities analysts forecast that Cummins Inc. will post 18.86 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Friday, May 24th were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio is presently 49.19%.

Insider Buying and Selling at Cummins

In other news, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were acquired at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate 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.