Grey Ledge Advisors LLC Decreases Stock Holdings in Cummins Inc. $CMI

Grey Ledge Advisors LLC lowered its stake in Cummins Inc. (NYSE:CMI) by 16.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,571 shares of the company’s stock after selling 1,292 shares during the quarter. Grey Ledge Advisors LLC’s holdings in Cummins were worth $3,535,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System acquired a new stake in shares of Cummins in the first quarter valued at about $3,766,000. Silver Oak Securities Incorporated raised its position in shares of Cummins by 108.2% during the 1st quarter. Silver Oak Securities Incorporated now owns 229 shares of the company’s stock worth $123,000 after purchasing an additional 119 shares during the last quarter. Kestra Private Wealth Services LLC raised its position in shares of Cummins by 1.8% during the 1st quarter. Kestra Private Wealth Services LLC now owns 4,800 shares of the company’s stock worth $2,583,000 after purchasing an additional 83 shares during the last quarter. Leeward Financial Partners LLC purchased a new position in Cummins in the 1st quarter valued at about $3,519,000. Finally, Ritholtz Wealth Management boosted its holdings in Cummins by 19.9% in the 1st quarter. Ritholtz Wealth Management now owns 6,896 shares of the company’s stock worth $3,710,000 after buying an additional 1,145 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

NYSE:CMI opened at $727.12 on Friday. Cummins Inc. has a one year low of $319.37 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The stock has a market cap of $100.33 billion, a PE ratio of 37.73, a P/E/G ratio of 1.70 and a beta of 1.23. The stock has a 50 day moving average price of $670.68 and a 200 day moving average price of $597.08.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the company posted $5.96 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. Cummins’s dividend payout ratio is currently 41.52%.

Wall Street Analyst Weigh In

A number of brokerages have commented on CMI. UBS Group reissued a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Wells Fargo & Company boosted their price target on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Raymond James Financial lifted their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Finally, Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $731.86.

Insider Activity

In other Cummins news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. The trade was a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,579 shares of company stock valued at $9,377,684 in the last quarter. Insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.