Cummins Inc. (NYSE:CMI) Shares Sold by Ascent Wealth Partners LLC

Ascent Wealth Partners LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI) by 1.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,545 shares of the company’s stock after selling 180 shares during the quarter. Ascent Wealth Partners LLC’s holdings in Cummins were worth $2,643,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CMI. Atlantic Edge Private Wealth Management LLC lifted its stake in shares of Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after purchasing an additional 35 shares during the period. Albert D Mason Inc. raised its position in shares of Cummins by 0.4% during the 1st quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock worth $2,728,000 after purchasing an additional 37 shares during the last quarter. Greenleaf Trust lifted its position in shares of Cummins by 0.5% in the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after acquiring an additional 40 shares in the last quarter. Bangor Savings Bank boosted its stake in Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares during the last quarter. Finally, Harbour Investments Inc. boosted its position in Cummins by 2.6% during the second quarter. Harbour Investments Inc. now owns 1,681 shares of the company’s stock worth $466,000 after acquiring an additional 42 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent research reports. Evercore ISI increased 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 Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. TD Cowen lifted their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Finally, Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cummins has an average rating of “Hold” and an average target price of $299.55.

Cummins Trading Up 1.1 %

Shares of CMI stock traded up $3.54 during trading hours on Friday, hitting $312.85. The company had a trading volume of 878,028 shares, compared to its average volume of 1,749,211. The company’s fifty day moving average is $290.11 and its 200 day moving average is $284.52. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84. The stock has a market capitalization of $42.79 billion, a PE ratio of 22.90, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter last year, the company posted $5.18 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. Research analysts expect that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.33%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Insider Activity

In related 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 sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s 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 $6,269,205.55. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins 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.