Strong Tower Advisory Services Decreases Position in Cummins Inc. $CMI

Strong Tower Advisory Services decreased its stake in Cummins Inc. (NYSE:CMI) by 31.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,095 shares of the company’s stock after selling 2,789 shares during the quarter. Strong Tower Advisory Services’ holdings in Cummins were worth $3,279,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CMI. Northwestern Mutual Wealth Management Co. boosted its stake in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after buying an additional 2,434,876 shares during the period. Norges Bank purchased a new stake in shares of Cummins in the fourth quarter valued at $863,441,000. Boston Partners bought a new stake in shares of Cummins in the 3rd quarter worth about $473,471,000. London Co. of Virginia bought a new stake in shares of Cummins in the 3rd quarter worth about $231,732,000. Finally, First Trust Advisors LP boosted its stake in shares of Cummins by 245.1% during the 4th quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock worth $277,071,000 after purchasing an additional 385,525 shares during the period. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the company’s stock in a transaction on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares of the company’s stock, valued at $6,556,784.82. This represents a 6.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock valued at $9,377,684 in the last ninety days. Corporate insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of several analyst reports. 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. Robert W. Baird set a $700.00 target price on Cummins in a research report on Wednesday, May 6th. Truist Financial set a $815.00 target price on Cummins in a research note on Wednesday, May 6th. Raymond James Financial increased their price target on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Finally, Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $731.86.

Cummins Trading Down 0.1%

CMI stock opened at $716.50 on Monday. Cummins Inc. has a 12 month low of $307.90 and a 12 month high of $737.76. The firm’s 50-day moving average is $663.00 and its 200 day moving average is $591.35. The company has a market capitalization of $98.87 billion, a PE ratio of 37.18, a P/E/G ratio of 1.74 and a beta of 1.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the company earned $5.96 EPS. On average, research analysts anticipate that Cummins Inc. will post 29.44 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is currently 41.52%.

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.