Florida Trust Wealth Management Co Sells 1,325 Shares of Cummins Inc. $CMI

Florida Trust Wealth Management Co cut its holdings in shares of Cummins Inc. (NYSE:CMI) by 2.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,086 shares of the company’s stock after selling 1,325 shares during the quarter. Florida Trust Wealth Management Co’s holdings in Cummins were worth $26,223,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. Brighton Jones LLC raised its holdings in Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares in the last quarter. Intech Investment Management LLC increased its position in shares of Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares during the period. Wedmont Private Capital raised its stake in Cummins by 10.1% in the second quarter. Wedmont Private Capital now owns 1,541 shares of the company’s stock valued at $515,000 after purchasing an additional 141 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Cummins by 45.8% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 46,145 shares of the company’s stock worth $15,312,000 after purchasing an additional 14,487 shares during the period. Finally, Exchange Traded Concepts LLC grew its stake in Cummins by 92.1% during the second quarter. Exchange Traded Concepts LLC now owns 7,863 shares of the company’s stock worth $2,575,000 after buying an additional 3,769 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the transaction, the chief executive officer owned 42,880 shares in the company, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 19,330 shares of company stock worth $9,135,364 over the last ninety days. 0.41% of the stock is owned by insiders.

Cummins Trading Up 0.9%

Shares of NYSE CMI opened at $580.15 on Monday. The stock has a market cap of $80.08 billion, a P/E ratio of 30.11, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. The firm has a 50 day moving average price of $510.68 and a two-hundred day moving average price of $437.61. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $583.08.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s quarterly revenue was down 1.6% on a year-over-year basis. During the same period in the prior year, the business posted $5.86 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Argus lifted their price target on Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a research note on Tuesday, November 25th. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research report on Friday, November 7th. Barclays reaffirmed a “positive” rating on shares of Cummins in a research note on Friday, December 19th. Finally, Raymond James Financial raised Cummins from a “market perform” rating to an “outperform” rating and set a $585.00 target price for the company in a research note on Monday, December 22nd. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $513.07.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.