Valeo Financial Advisors LLC Trims Position in Cummins Inc. (NYSE:CMI)

Valeo Financial Advisors LLC reduced its position in shares of Cummins Inc. (NYSE:CMI) by 1.2% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 12,811 shares of the company’s stock after selling 155 shares during the quarter. Valeo Financial Advisors LLC’s holdings in Cummins were worth $3,775,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. First United Bank & Trust purchased a new stake in Cummins in the fourth quarter worth about $25,000. Private Wealth Management Group LLC bought a new stake in Cummins during the 4th quarter worth approximately $26,000. Silver Oak Securities Incorporated purchased a new position in Cummins during the third quarter valued at approximately $28,000. DiNuzzo Private Wealth Inc. bought a new position in shares of Cummins in the fourth quarter worth approximately $31,000. Finally, Quarry LP increased its stake in shares of Cummins by 258.5% in the fourth quarter. Quarry LP now owns 147 shares of the company’s stock worth $35,000 after purchasing an additional 106 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CMI. The Goldman Sachs Group upped their target price on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Raymond James began coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup assumed coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. Finally, Truist Financial dropped their target price on shares of Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a research report on Tuesday. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $287.18.

Insider Activity at Cummins

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

Cummins Trading Up 1.7 %

Shares of NYSE:CMI traded up $4.53 during trading on Wednesday, reaching $272.08. The company’s stock had a trading volume of 504,647 shares, compared to its average volume of 2,060,036. The firm’s 50 day simple moving average is $281.44 and its two-hundred day simple moving average is $269.48. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $304.24. The stock has a market capitalization of $37.22 billion, a PE ratio of 19.82, a price-to-earnings-growth ratio of 1.73 and a beta of 0.99.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.36 billion. On average, research analysts predict that Cummins Inc. will post 18.86 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were paid a $1.68 dividend. This represents a $6.72 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend was Thursday, May 23rd. Cummins’s dividend payout ratio is presently 49.19%.

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.