Linscomb Wealth Inc. Has $10.84 Million Stake in Cummins Inc. (NYSE:CMI)

Linscomb Wealth Inc. cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,131 shares of the company’s stock after selling 586 shares during the quarter. Linscomb Wealth Inc.’s holdings in Cummins were worth $10,837,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CMI. First United Bank & Trust acquired a new stake in shares of Cummins in the 4th quarter valued at approximately $25,000. Private Wealth Management Group LLC acquired a new position in shares of Cummins during the 4th quarter worth about $26,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins in the 2nd quarter valued at about $28,000. Cultivar Capital Inc. acquired a new stake in Cummins in the 2nd quarter valued at about $28,000. Finally, Lynx Investment Advisory acquired a new stake in Cummins in the 2nd quarter valued at about $29,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

NYSE:CMI opened at $295.43 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The company has a market cap of $40.49 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 1.70 and a beta of 0.98. The stock has a fifty day moving average price of $293.22 and a 200-day moving average price of $286.66.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the prior year, the company posted $5.18 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were given a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s payout ratio is currently 53.29%.

Analysts Set New Price Targets

CMI has been the topic of several research analyst reports. Robert W. Baird upped their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Raymond James began coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Truist Financial lifted their price objective on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. 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 research report on Monday, August 19th. Finally, Citigroup initiated coverage on shares of Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price for the company. Two equities 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 company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $299.55.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 in the company, valued at approximately $23,870,722.08. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction 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 disclosure for this sale can be found here. Corporate 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.