SYSTM Wealth Solutions LLC Sells 1,122 Shares of Cummins Inc. (NYSE:CMI)

SYSTM Wealth Solutions LLC lessened its position in Cummins Inc. (NYSE:CMI) by 13.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 7,186 shares of the company’s stock after selling 1,122 shares during the period. SYSTM Wealth Solutions LLC’s holdings in Cummins were worth $1,990,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Cultivar Capital Inc. bought a new stake in shares of Cummins in the 2nd quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the 2nd quarter valued at about $28,000. Lynx Investment Advisory bought a new stake in Cummins during the 2nd quarter valued at about $29,000. LRI Investments LLC bought a new stake in Cummins during the 1st quarter valued at about $31,000. Finally, JNBA Financial Advisors lifted its holdings in Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after buying an additional 100 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on CMI shares. Evercore ISI lifted their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Barclays lifted their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Trading Up 0.2 %

NYSE CMI opened at $301.59 on Wednesday. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The firm has a market cap of $41.25 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. The company has a 50 day moving average price of $296.14 and a 200 day moving average price of $287.73. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.18 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.41%. Cummins’s dividend payout ratio is presently 53.29%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

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.