American Trust Sells 1,767 Shares of Cummins Inc. $CMI

American Trust trimmed its stake in shares of Cummins Inc. (NYSE:CMI) by 17.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,093 shares of the company’s stock after selling 1,767 shares during the period. American Trust’s holdings in Cummins were worth $4,354,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Thompson Investment Management Inc. bought a new position in Cummins in the 4th quarter valued at $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 acquiring an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC increased its position in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in Cummins in the fourth quarter worth about $27,000. Finally, Key Financial Inc raised its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after purchasing an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the stock. Truist Financial lifted their target price on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Citigroup lifted their price target on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Barclays upped their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Wells Fargo & Company lifted their target price on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. Finally, UBS Group reissued a “buy” rating on shares of Cummins in a research note on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and an average price target of $738.00.

Insider Buying and Selling at Cummins

In other news, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the transaction, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction on Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 13,579 shares of company stock worth $9,377,684 over the last quarter. Insiders own 0.30% of the company’s stock.

Cummins Price Performance

Shares of CMI traded up $3.54 during trading hours on Friday, reaching $676.93. The stock had a trading volume of 572,903 shares, compared to its average volume of 1,073,951. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 12 month low of $334.70 and a 12 month high of $737.76. The stock has a market capitalization of $93.41 billion, a PE ratio of 35.13, a PEG ratio of 1.65 and a beta of 1.22. The company’s 50-day moving average is $679.54 and its two-hundred day moving average is $609.34.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.96 EPS. Research analysts expect that Cummins Inc. will post 29.32 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is 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.