Atria Investments Inc Trims Stake in Cummins Inc. $CMI

Atria Investments Inc trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 7.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,560 shares of the company’s stock after selling 1,105 shares during the quarter. Atria Investments Inc’s holdings in Cummins were worth $4,441,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% in the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the last quarter. Rossby Financial LCC bought a new position in Cummins during the 1st quarter valued at approximately $45,000. Private Trust Co. NA raised its position in Cummins by 18.3% during the 1st quarter. Private Trust Co. NA now owns 1,670 shares of the company’s stock valued at $523,000 after purchasing an additional 258 shares during the last quarter. Mutual Advisors LLC grew its holdings in shares of Cummins by 7.8% during the 1st quarter. Mutual Advisors LLC now owns 2,606 shares of the company’s stock worth $764,000 after acquiring an additional 188 shares during the period. Finally, IFM Investors Pty Ltd grew its holdings in shares of Cummins by 11.1% during the 1st quarter. IFM Investors Pty Ltd now owns 29,723 shares of the company’s stock worth $9,624,000 after acquiring an additional 2,961 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 0.1%

Shares of CMI stock opened at $438.34 on Friday. The firm has a market capitalization of $60.40 billion, a PE ratio of 20.61, a PEG ratio of 2.05 and a beta of 1.04. The stock has a fifty day simple moving average of $415.90 and a two-hundred day simple moving average of $363.26. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $449.21.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.8%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 8th. Truist Financial increased their price target on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Finally, Citigroup raised their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $410.50.

Insider Transactions at Cummins

In related news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 43,319 shares of company stock worth $17,764,105 in the last quarter. Company insiders own 0.41% of the company’s stock.

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.