Franklin Street Advisors Inc. NC Decreases Stock Position in Cummins Inc. $CMI

Franklin Street Advisors Inc. NC cut its stake in Cummins Inc. (NYSE:CMI) by 26.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,111 shares of the company’s stock after selling 6,215 shares during the quarter. Franklin Street Advisors Inc. NC’s holdings in Cummins were worth $12,204,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Wealthcare Capital Partners LLC bought a new position in Cummins during the second quarter valued at $323,000. Allied Private Wealth LLC bought a new stake in shares of Cummins in the 2nd quarter worth about $55,000. Everpar Advisors LLC boosted its stake in shares of Cummins by 3.3% during the 2nd quarter. Everpar Advisors LLC now owns 865 shares of the company’s stock worth $617,000 after purchasing an additional 28 shares during the period. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Cummins by 15.0% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 1,650 shares of the company’s stock worth $1,177,000 after purchasing an additional 215 shares during the period. Finally, Affinity Capital Advisors LLC bought a new position in Cummins during the 2nd quarter valued at about $211,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

Shares of NYSE:CMI opened at $644.21 on Monday. The firm’s 50 day simple moving average is $668.83 and its 200-day simple moving average is $625.48. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. Cummins Inc. has a one year low of $383.90 and a one year high of $737.76. The firm has a market cap of $88.68 billion, a PE ratio of 32.92, a price-to-earnings-growth ratio of 1.55 and a beta of 1.24.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The firm had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter in the previous year, the firm posted $6.43 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, equities analysts predict that Cummins Inc. will post 29.73 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. Cummins’s dividend payout ratio is presently 40.88%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on CMI shares. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Evercore restated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research report on Monday, May 11th. Citigroup upped their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Barclays increased their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 price target on shares of Cummins in a research note on Wednesday. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $745.64.

Insider Buying and Selling at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.30% of the stock is currently owned by corporate insiders.

Cummins Profile

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.