Janney Montgomery Scott LLC Has $14.59 Million Stock Position in Cummins Inc. $CMI

Janney Montgomery Scott LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 0.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 44,533 shares of the company’s stock after selling 275 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Cummins were worth $14,585,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. V Square Quantitative Management LLC grew its holdings in Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after buying an additional 31 shares during the last quarter. Bank of Jackson Hole Trust lifted its position in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after acquiring an additional 33 shares during the period. Scotia Capital Inc. lifted its position in shares of Cummins by 0.5% in the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after acquiring an additional 34 shares during the period. Van Hulzen Asset Management LLC lifted its position in shares of Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after acquiring an additional 34 shares during the period. Finally, Sylvest Advisors LLC lifted its position in shares of Cummins by 1.0% in the 2nd quarter. Sylvest Advisors LLC now owns 3,342 shares of the company’s stock worth $1,095,000 after acquiring an additional 34 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,119 shares of company stock valued at $14,159,885 in the last ninety days. 0.41% of the stock is currently owned by insiders.

Cummins Trading Up 0.1%

CMI stock opened at $432.87 on Friday. The business has a fifty day moving average of $400.74 and a 200-day moving average of $345.82. The company has a market cap of $59.65 billion, a P/E ratio of 20.35, a PEG ratio of 2.09 and a beta of 1.04. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $437.66.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $5.26 earnings per share. As a group, equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio is currently 37.61%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CMI shares. Citigroup raised their price objective on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Robert W. Baird raised their price objective on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $393.57.

About Cummins

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.