Chapin Davis Inc. Decreases Holdings in Cummins Inc. $CMI

Chapin Davis Inc. decreased its position in Cummins Inc. (NYSE:CMI) by 65.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 696 shares of the company’s stock after selling 1,336 shares during the period. Chapin Davis Inc.’s holdings in Cummins were worth $496,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Activest Wealth Management raised its holdings in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after acquiring an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC boosted its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after acquiring an additional 45 shares during the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Cummins during the 2nd quarter valued at $26,000. Wellington Shields Capital Management LLC purchased a new stake in Cummins during the fourth quarter valued at about $27,000. Finally, Kemnay Advisory Services Inc. acquired a new position in shares of Cummins in the 4th quarter valued at about $28,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 1.6%

Cummins stock opened at $564.61 on Friday. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The stock has a market capitalization of $77.72 billion, a PE ratio of 28.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. The firm has a 50 day simple moving average of $647.45 and a 200-day simple moving average of $627.90. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the firm posted $6.43 EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, equities research analysts expect that Cummins Inc. will post 30.06 EPS for the current fiscal 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 given a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.6%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup upped their price target on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Truist Financial set a $894.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Morgan Stanley lifted their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. CICC Research assumed coverage on shares of Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating for the company. Finally, UBS Group lowered their target price on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Twelve research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and a consensus target price of $745.64.

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.