Thrive Wealth Management LLC Trims Holdings in Cummins Inc. (NYSE:CMI)

Thrive Wealth Management LLC decreased its holdings in Cummins Inc. (NYSE:CMI) by 11.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,676 shares of the company’s stock after selling 207 shares during the period. Thrive Wealth Management LLC’s holdings in Cummins were worth $494,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. Natixis Advisors L.P. increased its stake in Cummins by 9.5% in the third quarter. Natixis Advisors L.P. now owns 86,446 shares of the company’s stock worth $19,750,000 after purchasing an additional 7,507 shares during the period. Westfield Capital Management Co. LP increased its stake in shares of Cummins by 6.8% during the third quarter. Westfield Capital Management Co. LP now owns 25,745 shares of the company’s stock valued at $5,882,000 after buying an additional 1,632 shares during the period. Treasurer of the State of North Carolina increased its stake in shares of Cummins by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 75,571 shares of the company’s stock valued at $17,265,000 after buying an additional 357 shares during the period. Synovus Financial Corp increased its stake in shares of Cummins by 3.7% during the third quarter. Synovus Financial Corp now owns 13,465 shares of the company’s stock valued at $3,076,000 after buying an additional 476 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of Cummins by 236.0% during the third quarter. Tower Research Capital LLC TRC now owns 9,090 shares of the company’s stock valued at $2,077,000 after buying an additional 6,385 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock traded up $1.80 on Friday, reaching $282.29. 26,020 shares of the stock were exchanged, compared to its average volume of 2,080,600. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $304.24. The firm has a market capitalization of $38.61 billion, a price-to-earnings ratio of 20.53, a PEG ratio of 1.75 and a beta of 1.02. The business has a 50 day moving average price of $282.74 and a two-hundred day moving average price of $268.31.

Cummins (NYSE:CMI) last released its earnings results on Thursday, May 2nd. The company reported $5.10 EPS for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.36 billion. Analysts anticipate that Cummins Inc. will post 18.84 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Friday, May 24th were issued a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date was Thursday, May 23rd. Cummins’s dividend payout ratio (DPR) is 49.19%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Robert W. Baird cut their price target on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the company from $254.00 to $321.00 in a research report on Friday, March 15th. The Goldman Sachs Group raised their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, Citigroup began coverage on Cummins in a research report on Wednesday. They set a “buy” rating and a $320.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $287.55.

Insider Buying and Selling

In related news, VP Jeffrey T. Wiltrout purchased 282 shares of Cummins stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Jeffrey T. Wiltrout purchased 282 shares of Cummins stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now owns 1,262 shares in the company, valued at $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Marvin Boakye purchased 1,745 shares of Cummins stock in a transaction that occurred on Monday, May 20th. The shares were bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the completion of the transaction, the vice president now owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The disclosure for this purchase can be found here. Corporate insiders own 0.56% 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.