SFE Investment Counsel Sells 540 Shares of Cummins Inc. (NYSE:CMI)

SFE Investment Counsel decreased its position in shares of Cummins Inc. (NYSE:CMI) by 2.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 26,932 shares of the company’s stock after selling 540 shares during the period. Cummins makes up 1.7% of SFE Investment Counsel’s holdings, making the stock its 16th biggest position. SFE Investment Counsel’s holdings in Cummins were worth $7,458,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of CMI. First United Bank & Trust acquired a new stake in Cummins in the 4th quarter worth about $25,000. Private Wealth Management Group LLC acquired a new stake in Cummins during the fourth quarter worth approximately $26,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the 2nd quarter valued at $28,000. Cultivar Capital Inc. bought a new stake in shares of Cummins during the 2nd quarter valued at $28,000. Finally, Lynx Investment Advisory bought a new position in shares of Cummins in the second quarter worth $29,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction 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 completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction 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 disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of analyst reports. Raymond James started coverage on shares of Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Truist Financial upped their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Robert W. Baird lifted their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, Evercore ISI upped their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $299.55.

Cummins Stock Performance

Cummins stock opened at $293.41 on Friday. The business has a 50 day moving average of $292.17 and a 200-day moving average of $285.88. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83. The company has a market capitalization of $40.13 billion, a P/E ratio of 21.48, a P/E/G ratio of 1.82 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.18 earnings per share. On average, equities research analysts predict that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.48%. Cummins’s dividend payout ratio is presently 53.29%.

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.