American Trust Trims Stake in Cummins Inc. (NYSE:CMI)

American Trust cut its holdings in Cummins Inc. (NYSE:CMI) by 16.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 15,141 shares of the company’s stock after selling 3,059 shares during the period. American Trust’s holdings in Cummins were worth $4,461,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. First United Bank & Trust acquired a new position in Cummins in the 4th quarter valued at $25,000. Private Wealth Management Group LLC acquired a new position in Cummins in the 4th quarter valued at $26,000. DiNuzzo Private Wealth Inc. acquired a new position in Cummins in the 4th quarter valued at $31,000. LRI Investments LLC acquired a new position in Cummins in the 1st quarter valued at $31,000. Finally, JNBA Financial Advisors raised its holdings in Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after acquiring an additional 100 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares in the company, valued at $5,987,628.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, VP Jeffrey T. Wiltrout purchased 282 shares of the company’s stock in a transaction on Friday, May 24th. The shares were bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Cummins Stock Performance

CMI traded down $15.73 on Friday, hitting $290.36. 1,186,131 shares of the company’s stock were exchanged, compared to its average volume of 842,567. The firm has a market cap of $39.72 billion, a PE ratio of 21.26, a P/E/G ratio of 1.93 and a beta of 0.99. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83. The stock has a fifty day moving average of $280.08 and a two-hundred day moving average of $276.66. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last released 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 firm had revenue of $8.80 billion for 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 quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.18 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be 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 is Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.51%. Cummins’s dividend payout ratio is 49.19%.

Analyst Ratings Changes

CMI has been the subject of several analyst reports. TD Cowen boosted their price target on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Robert W. Baird upped their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday. The Goldman Sachs Group upped their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Finally, Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $289.91.

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.