Precedent Wealth Partners LLC Cuts Stock Holdings in Cummins Inc. $CMI

Precedent Wealth Partners LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 60.1% during the second quarter, HoldingsChannel.com reports. The firm owned 2,130 shares of the company’s stock after selling 3,211 shares during the period. Precedent Wealth Partners LLC’s holdings in Cummins were worth $698,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the stock. Fairvoy Private Wealth LLC raised its stake in Cummins by 3.0% during the second quarter. Fairvoy Private Wealth LLC now owns 9,803 shares of the company’s stock worth $3,210,000 after purchasing an additional 281 shares during the period. Franklin Street Advisors Inc. NC raised its stake in Cummins by 7.5% during the second quarter. Franklin Street Advisors Inc. NC now owns 34,662 shares of the company’s stock worth $11,352,000 after purchasing an additional 2,422 shares during the period. Curran Financial Partners LLC raised its stake in Cummins by 17.1% during the second quarter. Curran Financial Partners LLC now owns 1,156 shares of the company’s stock worth $379,000 after purchasing an additional 169 shares during the period. Stock Yards Bank & Trust Co. raised its stake in Cummins by 8.0% during the second quarter. Stock Yards Bank & Trust Co. now owns 5,893 shares of the company’s stock worth $1,930,000 after purchasing an additional 439 shares during the period. Finally, Two Point Capital Management Inc. purchased a new position in Cummins during the second quarter worth approximately $12,681,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Citigroup raised their target price on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Robert W. Baird raised their target price on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Truist Financial raised their target price on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $393.57.

Cummins Stock Performance

Cummins stock opened at $432.87 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $437.66. The company has a market capitalization of $59.65 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 2.09 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm’s fifty day moving average price is $400.74 and its 200 day moving average price is $345.82.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the previous year, the firm posted $5.26 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 1.8%. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the firm’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $12,790,710. This trade represents a 17.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,119 shares of company stock worth $14,159,885 over the last 90 days. 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.