HM Payson & Co. Decreases Holdings in Cummins Inc. (NYSE:CMI)

HM Payson & Co. decreased its holdings in Cummins Inc. (NYSE:CMI) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,132 shares of the company’s stock after selling 557 shares during the period. HM Payson & Co.’s holdings in Cummins were worth $20,118,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Chicago Capital LLC raised its stake in shares of Cummins by 0.9% during the 3rd quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock worth $1,065,000 after buying an additional 30 shares during the period. Atlantic Edge Private Wealth Management LLC increased its stake in shares of Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after acquiring an additional 35 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in shares of Cummins by 1.9% during the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares during the period. Fidelis Capital Partners LLC raised its position in Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock valued at $340,000 after purchasing an additional 38 shares in the last quarter. Finally, Bangor Savings Bank increased its position in Cummins by 39.2% during the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after buying an additional 40 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on CMI shares. Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird lifted their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. lifted their target price on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Finally, Citigroup lifted their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $311.55.

Insiders Place Their Bets

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Cummins Price Performance

CMI traded down $1.50 during trading on Thursday, reaching $330.34. 9,824 shares of the stock were exchanged, compared to its average volume of 1,517,058. The business’s 50 day moving average price is $318.09 and its two-hundred day moving average price is $296.64. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a market capitalization of $45.18 billion, a price-to-earnings ratio of 24.29, a P/E/G ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $340.82.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period in the previous year, the business earned $5.18 earnings per share. As a group, equities research analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.20%. Cummins’s payout ratio is 53.29%.

Cummins Company 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.