SFE Investment Counsel Sells 540 Shares of Cummins Inc. (NYSE:CMI)

SFE Investment Counsel trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 2.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,932 shares of the company’s stock after selling 540 shares during the quarter. Cummins makes up about 1.7% of SFE Investment Counsel’s investment portfolio, making the stock its 16th biggest position. SFE Investment Counsel’s holdings in Cummins were worth $7,458,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of CMI. Norges Bank acquired a new stake in shares of Cummins in the fourth quarter valued at $298,867,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. SG Americas Securities LLC raised its position in Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Cummins by 129.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after purchasing an additional 167,485 shares during the last quarter. Finally, Swedbank AB bought a new position in Cummins in the 1st quarter valued at $44,489,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 1.1 %

NYSE:CMI opened at $293.41 on Friday. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83. The company has a market cap of $40.13 billion, a P/E ratio of 21.48, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99. The business has a 50 day moving average price of $292.17 and a two-hundred day moving average price of $285.88.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter last year, the firm earned $5.18 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, analysts expect that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.48%. The ex-dividend date was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is presently 53.29%.

Analyst Upgrades and Downgrades

CMI has been the subject of several recent research reports. Evercore ISI boosted their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Robert W. Baird upped their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Truist Financial lifted their price objective on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Finally, Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Two 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 stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $299.55.

Insider Activity at Cummins

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

Cummins 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.