American Trust Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

American Trust decreased its stake in Cummins Inc. (NYSE:CMI) by 16.8% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,141 shares of the company’s stock after selling 3,059 shares during the quarter. American Trust’s holdings in Cummins were worth $4,461,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of CMI. First United Bank & Trust purchased a new position in Cummins during the 4th quarter valued at $25,000. Private Wealth Management Group LLC purchased a new position in Cummins during the 4th quarter valued at $26,000. DiNuzzo Private Wealth Inc. purchased a new position in Cummins during the 4th quarter valued at $31,000. LRI Investments LLC purchased a new position in Cummins during the 1st quarter valued at $31,000. Finally, JNBA Financial Advisors boosted its holdings in Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after acquiring an additional 100 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction 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 purchase, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. In other news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction dated 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by corporate insiders.

Cummins Stock Down 5.1 %

Shares of CMI traded down $15.73 during trading hours on Friday, hitting $290.36. The company had a trading volume of 1,186,131 shares, compared to its average volume of 842,567. The company has a market capitalization of $39.72 billion, a PE ratio of 21.26, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company’s fifty day moving average price is $280.08 and its two-hundred day moving average price is $276.66.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same period in the previous year, the company posted $5.18 EPS. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, equities analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.51%. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio is currently 49.19%.

Analyst Ratings Changes

CMI has been the subject of a number of recent analyst reports. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Truist Financial lowered their target price on Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a report on Tuesday, July 2nd. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday. TD Cowen upped their target price on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, The Goldman Sachs Group upped their target price on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and a consensus price target of $289.91.

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.