Atria Investments Inc Sells 1,105 Shares of Cummins Inc. $CMI

Atria Investments Inc lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 7.5% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,560 shares of the company’s stock after selling 1,105 shares during the period. Atria Investments Inc’s holdings in Cummins were worth $4,441,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Brighton Jones LLC increased its holdings in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the period. Rossby Financial LCC purchased a new position in Cummins in the first quarter worth $45,000. Private Trust Co. NA grew its holdings in Cummins by 18.3% in the first quarter. Private Trust Co. NA now owns 1,670 shares of the company’s stock worth $523,000 after purchasing an additional 258 shares during the last quarter. Mutual Advisors LLC grew its holdings in Cummins by 7.8% in the first quarter. Mutual Advisors LLC now owns 2,606 shares of the company’s stock worth $764,000 after purchasing an additional 188 shares during the last quarter. Finally, IFM Investors Pty Ltd grew its holdings in shares of Cummins by 11.1% during the first quarter. IFM Investors Pty Ltd now owns 29,723 shares of the company’s stock valued at $9,624,000 after buying an additional 2,961 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Citigroup upped their price objective on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Finally, Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $410.50.

Insider Transactions at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 43,319 shares of company stock worth $17,764,105. 0.41% of the stock is owned by company insiders.

Cummins Stock Performance

Cummins stock opened at $438.34 on Friday. The firm has a 50 day simple moving average of $415.90 and a 200-day simple moving average of $363.26. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $449.21. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The stock has a market cap of $60.40 billion, a price-to-earnings ratio of 20.61, a price-to-earnings-growth ratio of 2.05 and a beta of 1.04.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating 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 business had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter in the prior year, the company posted $5.26 EPS. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio is currently 37.61%.

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.