Lido Advisors LLC Sells 1,624 Shares of Cummins Inc. $CMI

Lido Advisors LLC trimmed its position in Cummins Inc. (NYSE:CMI) by 9.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,443 shares of the company’s stock after selling 1,624 shares during the quarter. Lido Advisors LLC’s holdings in Cummins were worth $8,310,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Juno Financial Group LLC bought a new stake in Cummins during the 4th quarter valued at approximately $883,000. Truist Financial Corp grew its holdings in Cummins by 4.8% in the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after buying an additional 2,951 shares during the last quarter. Smith Salley Wealth Management increased its position in Cummins by 1,381.8% in the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after buying an additional 20,299 shares during the period. Westfield Capital Management Co. LP bought a new position in Cummins in the 4th quarter worth approximately $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. lifted its holdings in shares of Cummins by 643.0% during the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock worth $3,732,000 after buying an additional 6,327 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

Shares of CMI stock opened at $663.96 on Friday. The stock has a 50 day moving average of $672.19 and a two-hundred day moving average of $619.28. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12 month low of $354.68 and a 12 month high of $737.76. The company has a market capitalization of $91.62 billion, a P/E ratio of 34.46, a P/E/G ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the business posted $5.96 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders 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. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.3%. Cummins’s payout ratio is presently 41.52%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Wells Fargo & Company increased their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 6th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $740.07.

Insider Transactions at Cummins

In other news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on 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 owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Nathan R. Stoner sold 607 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the transaction, the vice president directly owned 9,447 shares of the company’s stock, valued at $6,556,784.82. The trade was a 6.04% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by company insiders.

Cummins Profile

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.