Cummins Inc. (NYSE:CMI) Stake Trimmed by Absher Wealth Management LLC

Absher Wealth Management LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 32.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 6,212 shares of the company’s stock after selling 2,986 shares during the period. Absher Wealth Management LLC’s holdings in Cummins were worth $1,720,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Cultivar Capital Inc. acquired a new stake in Cummins during the 2nd quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the 2nd quarter worth about $28,000. First United Bank & Trust purchased a new stake in Cummins in the 4th quarter worth approximately $25,000. Lynx Investment Advisory acquired a new stake in shares of Cummins during the 2nd quarter valued at $29,000. Finally, LRI Investments LLC purchased a new position in shares of Cummins during the 1st quarter valued at $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred 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 sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Cummins Trading Down 2.6 %

CMI opened at $304.57 on Wednesday. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $41.66 billion, a P/E ratio of 22.30, a P/E/G ratio of 1.82 and a beta of 0.99. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83. The firm’s fifty day simple moving average is $291.12 and its 200 day simple moving average is $285.50.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company 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 earned $5.18 EPS. Cummins’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, research analysts anticipate that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be issued a $1.82 dividend. The ex-dividend date is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.39%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is 53.29%.

Analysts Set New Price Targets

A number of research firms recently issued reports on CMI. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Citigroup assumed coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Robert W. Baird lifted their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. 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 note on Monday, August 5th. Finally, Evercore ISI lifted their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target of $299.55.

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.