Cummins Inc. (NYSE:CMI) Shares Sold by Stephens Inc. AR

Posted by MarketBeat News on Aug 5th, 2022

Stephens Inc. AR lessened its holdings in Cummins Inc. (NYSE:CMI – Get Rating) by 46.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,421 shares of the company’s stock after selling 1,249 shares during the period. Stephens Inc. AR’s holdings in Cummins were worth $291,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the business. Clearstead Advisors LLC lifted its stake in shares of Cummins by 7.1% in the 1st quarter. Clearstead Advisors LLC now owns 5,422 shares of the company’s stock valued at $1,112,000 after purchasing an additional 360 shares during the last quarter. Victory Capital Management Inc. lifted its stake in shares of Cummins by 39.9% in the 1st quarter. Victory Capital Management Inc. now owns 373,137 shares of the company’s stock valued at $70,594,000 after purchasing an additional 106,415 shares during the last quarter. Commonwealth Equity Services LLC lifted its stake in shares of Cummins by 2.6% in the 1st quarter. Commonwealth Equity Services LLC now owns 65,582 shares of the company’s stock valued at $13,451,000 after purchasing an additional 1,663 shares during the last quarter. Ropes Wealth Advisors LLC lifted its stake in Cummins by 3.1% during the 1st quarter. Ropes Wealth Advisors LLC now owns 2,622 shares of the company’s stock worth $538,000 after acquiring an additional 79 shares in the last quarter. Finally, Benjamin Edwards Inc. lifted its stake in Cummins by 37.9% during the 1st quarter. Benjamin Edwards Inc. now owns 1,269 shares of the company’s stock worth $260,000 after acquiring an additional 349 shares in the last quarter. Institutional investors and hedge funds own 80.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on CMI shares. Deutsche Bank Aktiengesellschaft decreased their target price on Cummins from $232.00 to $216.00 and set a “hold” rating on the stock in a research note on Wednesday, July 13th. Credit Suisse Group increased their target price on Cummins from $249.00 to $266.00 and gave the stock an “outperform” rating in a research note on Wednesday. Morgan Stanley decreased their target price on Cummins from $205.00 to $187.00 and set an “equal weight” rating on the stock in a research note on Monday, July 18th. Sanford C. Bernstein lowered Cummins from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $238.00 to $190.00 in a research note on Wednesday, July 20th. Finally, StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $235.60.

Insider Transactions at Cummins

In other news, Director Franklin R. Changdiaz sold 1,560 shares of the business’s stock in a transaction that occurred on Wednesday, May 25th. The shares were sold at an average price of $199.62, for a total transaction of $311,407.20. Following the completion of the sale, the director now owns 4,842 shares in the company, valued at approximately $966,560.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, VP Sharon R. Barner sold 4,750 shares of Cummins stock in a transaction on Tuesday, May 10th. The shares were sold at an average price of $205.00, for a total value of $973,750.00. Following the transaction, the vice president now directly owns 16,348 shares of the company’s stock, valued at approximately $3,351,340. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Franklin R. Changdiaz sold 1,560 shares of Cummins stock in a transaction on Wednesday, May 25th. The shares were sold at an average price of $199.62, for a total transaction of $311,407.20. Following the completion of the transaction, the director now directly owns 4,842 shares in the company, valued at $966,560.04. The disclosure for this sale can be found here. Insiders own 1.00% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $219.54 on Friday. The firm has a market capitalization of $30.98 billion, a PE ratio of 15.37, a price-to-earnings-growth ratio of 1.41 and a beta of 1.04. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.07 and a current ratio of 1.66. Cummins Inc. has a fifty-two week low of $184.27 and a fifty-two week high of $247.48. The stock’s 50-day simple moving average is $202.91 and its 200-day simple moving average is $205.79.

Cummins (NYSE:CMI – Get Rating) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $4.94 earnings per share for the quarter, topping the consensus estimate of $4.35 by $0.59. The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.48 billion. Cummins had a net margin of 8.26% and a return on equity of 23.41%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.15 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 17.56 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 1st. Stockholders of record on Friday, August 19th will be given a dividend of $1.57 per share. This represents a $6.28 annualized dividend and a dividend yield of 2.86%. The ex-dividend date is Thursday, August 18th. This is an increase from Cummins’s previous quarterly dividend of $1.45. Cummins’s payout ratio is currently 40.62%.

Cummins Company Profile

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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.