Cummins Inc. $CMI Shares Sold by Venturi Wealth Management LLC

Venturi Wealth Management LLC lowered its position in shares of Cummins Inc. (NYSE:CMI) by 1.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,053 shares of the company’s stock after selling 94 shares during the period. Venturi Wealth Management LLC’s holdings in Cummins were worth $1,655,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Olde Wealth Management LLC acquired a new position in shares of Cummins during the first quarter worth $30,000. Accredited Wealth Management LLC acquired a new position in Cummins in the first quarter valued at $31,000. Opal Wealth Advisors LLC acquired a new position in Cummins in the first quarter valued at $37,000. Richardson Financial Services Inc. acquired a new position in Cummins in the first quarter valued at $39,000. Finally, Costello Asset Management INC acquired a new position in Cummins in the first quarter valued at $40,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Up 0.5%

NYSE CMI opened at $436.53 on Thursday. The stock has a market capitalization of $60.15 billion, a P/E ratio of 20.52, a P/E/G ratio of 2.10 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The firm has a 50-day moving average price of $404.89 and a 200 day moving average price of $348.14. 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 posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same period in the prior year, the company posted $5.26 earnings per share. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current 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 issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s dividend payout ratio is 37.61%.

Insider Buying and Selling

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock valued at $17,674,285 in the last 90 days. 0.41% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on CMI shares. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Weiss Ratings restated a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Finally, Citigroup increased their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Ten analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus price target of $397.43.

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.