Independent Solutions Wealth Management LLC Cuts Stock Position in Cummins Inc. $CMI

Independent Solutions Wealth Management LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 1.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,100 shares of the company’s stock after selling 50 shares during the period. Independent Solutions Wealth Management LLC’s holdings in Cummins were worth $1,015,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after buying an additional 321,823 shares during the last quarter. Northern Trust Corp grew its holdings in Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after acquiring an additional 22,202 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of Cummins by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after purchasing an additional 8,487 shares during the last quarter. Raymond James Financial Inc. raised its stake in shares of Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after purchasing an additional 817,384 shares in the last quarter. Finally, Invesco Ltd. grew its stake in Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 6,500 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was 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 approximately $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,119 shares of company stock worth $14,159,885 over the last ninety days. Insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Ten investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $393.57.

Cummins Stock Up 1.6%

Shares of NYSE CMI opened at $439.66 on Tuesday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The stock has a market cap of $60.58 billion, a PE ratio of 20.67, a PEG ratio of 2.09 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51. The business has a fifty day moving average of $402.11 and a two-hundred day moving average of $346.92.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter in the previous year, the company posted $5.26 earnings per share. Cummins’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced 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. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. This is an increase from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is 37.61%.

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.