Chapin Davis Inc. Sells 38 Shares of Cummins Inc. (NYSE:CMI)

Chapin Davis Inc. cut its position in shares of Cummins Inc. (NYSE:CMI) by 1.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,041 shares of the company’s stock after selling 38 shares during the period. Chapin Davis Inc.’s holdings in Cummins were worth $565,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CMI. First United Bank & Trust bought a new stake in Cummins in the fourth quarter worth $25,000. Private Wealth Management Group LLC bought a new position in shares of Cummins in the 4th quarter valued at about $26,000. Lynx Investment Advisory purchased a new position in Cummins in the second quarter worth about $29,000. DiNuzzo Private Wealth Inc. bought a new stake in Cummins during the fourth quarter worth approximately $31,000. Finally, LRI Investments LLC purchased a new stake in Cummins during the first quarter valued at approximately $31,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CMI. Raymond James assumed coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Robert W. Baird lifted their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Citigroup started coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. TD Cowen boosted their price objective on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Finally, StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $295.00.

Insider Activity at Cummins

In related news, VP Jeffrey T. Wiltrout acquired 282 shares of the stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost 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 approximately $359,808.82. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction dated Friday, May 24th. The stock was purchased at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Marvin Boakye bought 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was purchased at an average price of $286.04 per share, for a total transaction of $499,139.80. Following the transaction, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by insiders.

Cummins Stock Up 0.6 %

NYSE CMI traded up $1.85 during midday trading on Friday, hitting $301.65. 578,191 shares of the company traded hands, compared to its average volume of 1,823,166. The company has a market cap of $41.26 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The company’s 50-day simple moving average is $283.32 and its 200-day simple moving average is $280.93. Cummins Inc. has a 52 week low of $212.80 and a 52 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.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share 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 the consensus estimate of $8.33 billion. During the same period last year, the firm earned $5.18 earnings per share. Cummins’s revenue was up 2.3% compared to the same quarter last year. As a group, equities research analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.41%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is 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.