Cummins Inc. $CMI Shares Sold by Atwater Malick LLC

Atwater Malick LLC reduced its position in Cummins Inc. (NYSE:CMI) by 0.1% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 35,983 shares of the company’s stock after selling 30 shares during the period. Cummins makes up approximately 3.7% of Atwater Malick LLC’s investment portfolio, making the stock its 8th biggest position. Atwater Malick LLC’s holdings in Cummins were worth $11,784,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. V Square Quantitative Management LLC grew its stake in Cummins by 1.0% in the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after purchasing an additional 31 shares in the last quarter. Bank of Jackson Hole Trust lifted its holdings in Cummins by 1.2% in the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after acquiring an additional 33 shares during the last quarter. Scotia Capital Inc. lifted its holdings in Cummins by 0.5% in the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after acquiring an additional 34 shares during the last quarter. Van Hulzen Asset Management LLC increased its stake in shares of Cummins by 1.2% in the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after purchasing an additional 34 shares during the period. Finally, Sylvest Advisors LLC increased its stake in shares of Cummins by 1.0% in the second quarter. Sylvest Advisors LLC now owns 3,342 shares of the company’s stock valued at $1,095,000 after purchasing an additional 34 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Up 1.9%

Shares of NYSE:CMI opened at $432.81 on Friday. The firm has a fifty day moving average of $399.47 and a two-hundred day moving average of $345.06. The firm has a market capitalization of $59.64 billion, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $433.00. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $5.26 EPS. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This is an increase from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.8%. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insider Activity at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CMI has been the topic of several analyst reports. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Barclays lifted their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Finally, Robert W. Baird raised their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $393.57.

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.