Franklin Street Advisors Inc. NC Cuts Holdings in Cummins Inc. $CMI

Franklin Street Advisors Inc. NC decreased its holdings in Cummins Inc. (NYSE:CMI) by 26.6% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 17,111 shares of the company’s stock after selling 6,215 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Cummins were worth $12,204,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of CMI. Brighton Jones LLC increased its holdings in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the period. Intech Investment Management LLC grew its stake in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares during the last quarter. Treasurer of the State of North Carolina raised its holdings in Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC purchased a new stake in shares of Cummins during the second quarter valued at about $225,000. Finally, Osterweis Capital Management Inc. purchased a new stake in shares of Cummins during the second quarter valued at about $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on CMI. UBS Group cut their price objective on shares of Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research report on Wednesday. Raymond James Financial raised their target price on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday. Robert W. Baird set a $700.00 price objective on Cummins in a report on Wednesday, May 6th. Finally, Truist Financial set a $894.00 price objective on Cummins in a research report on Wednesday. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $745.64.

Insider Activity

In related news, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.30% of the company’s stock.

Cummins Stock Down 0.0%

NYSE:CMI opened at $644.21 on Monday. The company’s 50 day moving average is $668.83 and its two-hundred day moving average is $625.48. The company has a market cap of $88.68 billion, a PE ratio of 32.92, a P/E/G ratio of 1.55 and a beta of 1.24. Cummins Inc. has a twelve month low of $383.90 and a twelve month high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same period last year, the firm earned $6.43 earnings per share. Cummins’s quarterly revenue was up 9.4% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 29.73 EPS for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio is currently 40.88%.

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.