Centaurus Financial Inc. Sells 2,211 Shares of Cummins Inc. $CMI

Centaurus Financial Inc. decreased its position in shares of Cummins Inc. (NYSE:CMI) by 82.2% in the 2nd quarter, HoldingsChannel reports. The firm owned 480 shares of the company’s stock after selling 2,211 shares during the quarter. Centaurus Financial Inc.’s holdings in Cummins were worth $157,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Accredited Wealth Management LLC acquired a new position in shares of Cummins in the 1st quarter valued at approximately $31,000. Osterweis Capital Management Inc. bought a new position in Cummins in the second quarter valued at approximately $31,000. Wealth Preservation Advisors LLC bought a new position in Cummins in the first quarter valued at approximately $41,000. CNB Bank acquired a new position in Cummins during the second quarter valued at approximately $43,000. Finally, Flaharty Asset Management LLC bought a new stake in Cummins during the first quarter worth $47,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMI. Truist Financial lifted their price target on Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research note on Thursday. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 price objective on shares of Cummins in a research note on Friday, November 7th. JPMorgan Chase & Co. boosted their target price on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Finally, Barclays lifted their price target on shares of Cummins from $430.00 to $515.00 and gave the company an “equal weight” rating in a report on Tuesday, November 11th. Eleven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and an average price target of $484.53.

Cummins Stock Up 0.6%

Shares of NYSE:CMI opened at $500.58 on Friday. The firm has a market cap of $69.10 billion, a P/E ratio of 25.98, a P/E/G ratio of 1.96 and a beta of 1.11. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $526.50. The business has a fifty day simple moving average of $465.34 and a 200 day simple moving average of $404.98. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52.

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

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were issued a dividend of $2.00 per share. The ex-dividend date was Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.6%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insider Transactions at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 sale, the chief financial officer directly owned 31,582 shares in the company, valued at $14,864,384.12. This trade represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 27,330 shares of company stock worth $12,649,764. Company insiders own 0.41% of the company’s stock.

Cummins Profile

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.