AdvisorNet Financial Inc Lowers Holdings in Cummins Inc. (NYSE:CMI)

AdvisorNet Financial Inc trimmed its holdings in Cummins Inc. (NYSE:CMIGet Rating) by 15.1% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 821 shares of the company’s stock after selling 146 shares during the period. AdvisorNet Financial Inc’s holdings in Cummins were worth $159,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Cyrus J. Lawrence LLC purchased a new position in Cummins in the first quarter worth approximately $25,000. Tyler Stone Wealth Management purchased a new position in shares of Cummins during the first quarter worth $25,000. Mystic Asset Management Inc. purchased a new position in shares of Cummins during the fourth quarter worth $27,000. KRS Capital Management LLC purchased a new position in shares of Cummins during the fourth quarter worth $30,000. Finally, Cornerstone Advisory LLC purchased a new position in shares of Cummins during the fourth quarter worth $40,000. 80.98% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In related news, insider Srikanth Padmanabhan sold 6,020 shares of the business’s stock in a transaction dated Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total value of $1,336,500.20. Following the transaction, the insider now owns 22,020 shares in the company, valued at approximately $4,888,660.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 3,115 shares of Cummins stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $225.11, for a total value of $701,217.65. Following the sale, the vice president now owns 16,348 shares of the company’s stock, valued at approximately $3,680,098.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Srikanth Padmanabhan sold 6,020 shares of Cummins stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $222.01, for a total value of $1,336,500.20. Following the completion of the sale, the insider now directly owns 22,020 shares in the company, valued at approximately $4,888,660.20. The disclosure for this sale can be found here. Insiders have sold 14,001 shares of company stock worth $3,157,774 in the last quarter. Company insiders own 1.05% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on CMI. Morgan Stanley lowered their price target on Cummins from $205.00 to $187.00 and set an “equal weight” rating for the company in a research report 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 company from $238.00 to $190.00 in a report on Wednesday, July 20th. JPMorgan Chase & Co. started coverage on Cummins in a report on Thursday, August 18th. They issued a “neutral” rating for the company. Citigroup lifted their target price on Cummins from $220.00 to $265.00 and gave the company a “buy” rating in a report on Tuesday, August 16th. Finally, Credit Suisse Group lifted their target price on Cummins from $249.00 to $266.00 and gave the company an “outperform” rating in a report on Wednesday, August 3rd. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $241.22.

Cummins Stock Down 1.1 %

Cummins stock opened at $212.69 on Wednesday. Cummins Inc. has a 1-year low of $184.27 and a 1-year high of $247.48. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.66 and a quick ratio of 1.04. The stock has a market cap of $29.99 billion, a PE ratio of 14.89, a P/E/G ratio of 1.34 and a beta of 1.03. The stock’s fifty day moving average is $215.84 and its two-hundred day moving average is $205.84.

Cummins (NYSE:CMIGet Rating) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $4.77 earnings per share for the quarter, beating analysts’ consensus estimates of $4.37 by $0.40. The company had revenue of $6.59 billion for the quarter, compared to analysts’ expectations of $6.48 billion. Cummins had a return on equity of 23.41% and a net margin of 8.26%. Cummins’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm earned $4.15 earnings per share. On average, sell-side analysts expect that Cummins Inc. will post 18.03 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Investors of record on Friday, August 19th were given a $1.57 dividend. This represents a $6.28 annualized dividend and a yield of 2.95%. The ex-dividend date was Thursday, August 18th. This is a boost from Cummins’s previous quarterly dividend of $1.45. Cummins’s payout ratio is 43.98%.

About Cummins

(Get Rating)

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.

Featured Articles

Want to see what other hedge funds are holding CMI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cummins Inc. (NYSE:CMIGet Rating).

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

Receive News & Ratings for Cummins Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cummins and related companies with MarketBeat.com's FREE daily email newsletter.