SVB Wealth LLC Sells 164 Shares of Cummins Inc. (NYSE:CMI)

SVB Wealth LLC cut its stake in Cummins Inc. (NYSE:CMI) by 2.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,069 shares of the company’s stock after selling 164 shares during the quarter. SVB Wealth LLC’s holdings in Cummins were worth $1,788,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CMI. Gendell Jeffrey L raised its holdings in Cummins by 66.7% in the first quarter. Gendell Jeffrey L now owns 25,000 shares of the company’s stock worth $7,366,000 after purchasing an additional 10,000 shares during the period. Morse Asset Management Inc grew its stake in Cummins by 3.1% in the first quarter. Morse Asset Management Inc now owns 3,367 shares of the company’s stock valued at $992,000 after acquiring an additional 100 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after acquiring an additional 604,735 shares in the last quarter. Bank of Nova Scotia Trust Co. acquired a new stake in shares of Cummins during the first quarter worth about $206,000. Finally, LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter valued at about $35,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on CMI. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. The Goldman Sachs Group lifted their price objective on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. TD Cowen increased their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Robert W. Baird lowered their price target on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. Finally, Citigroup assumed coverage on Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $287.18.

Cummins Price Performance

Shares of Cummins stock traded down $0.07 during trading on Tuesday, reaching $291.13. 73,306 shares of the company’s stock were exchanged, compared to its average volume of 1,898,379. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.34. The firm’s 50-day moving average price is $279.37 and its 200 day moving average price is $275.31. The company has a market cap of $39.82 billion, a P/E ratio of 21.31, a PEG ratio of 1.83 and a beta of 0.99.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing the consensus estimate of $5.11 by ($0.01). The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. As a group, research analysts anticipate that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be paid a $1.82 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.50%. Cummins’s payout ratio is currently 49.19%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was purchased at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 3,880 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

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.