Cummins Inc. $CMI Shares Sold by First Trust Advisors LP

First Trust Advisors LP lowered its position in shares of Cummins Inc. (NYSE:CMI) by 74.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 141,331 shares of the company’s stock after selling 401,465 shares during the period. First Trust Advisors LP owned approximately 0.10% of Cummins worth $76,039,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Cedar Mountain Advisors LLC grew its stake in shares of Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares in the last quarter. Thompson Investment Management Inc. acquired a new position in shares of Cummins in the fourth quarter worth about $26,000. Activest Wealth Management boosted its holdings in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new position in Cummins in the fourth quarter valued at about $27,000. Finally, Key Financial Inc grew its stake in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMI has been the topic of several analyst reports. Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Raymond James Financial lifted their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Argus upped their price target on shares of Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Finally, UBS Group reiterated a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $740.07.

Insider Transactions at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the sale, the chief accounting officer owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. The trade was a 14.60% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last quarter. Insiders own 0.30% of the company’s stock.

Cummins Trading Down 0.2%

Shares of NYSE CMI opened at $663.96 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock’s 50 day moving average price is $672.19 and its two-hundred day moving average price is $619.28. Cummins Inc. has a 52-week low of $354.68 and a 52-week high of $737.76. The stock has a market capitalization of $91.62 billion, a P/E ratio of 34.46, a PEG ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm earned $5.96 EPS. The business’s revenue was up 2.7% on a year-over-year basis. On average, analysts anticipate that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.3%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 41.52%.

Cummins Company Profile

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.