SYSTM Wealth Solutions LLC Sells 1,122 Shares of Cummins Inc. (NYSE:CMI)

SYSTM Wealth Solutions LLC decreased its stake in shares of Cummins Inc. (NYSE:CMI) by 13.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,186 shares of the company’s stock after selling 1,122 shares during the period. SYSTM Wealth Solutions LLC’s holdings in Cummins were worth $1,990,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Panagora Asset Management Inc. lifted its position in Cummins by 51.2% during the fourth quarter. Panagora Asset Management Inc. now owns 8,839 shares of the company’s stock valued at $2,118,000 after purchasing an additional 2,995 shares during the period. Norges Bank purchased a new stake in Cummins during the fourth quarter valued at approximately $298,867,000. Coldstream Capital Management Inc. increased its holdings in Cummins by 17.1% during the fourth quarter. Coldstream Capital Management Inc. now owns 2,526 shares of the company’s stock valued at $605,000 after buying an additional 368 shares during the last quarter. Quest Partners LLC purchased a new stake in Cummins during the fourth quarter valued at approximately $459,000. Finally, L.M. Kohn & Company purchased a new stake in Cummins during the fourth quarter valued at approximately $209,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of analysts have commented on CMI shares. Robert W. Baird upped their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. 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 report on Friday, August 2nd. Truist Financial increased 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. Evercore ISI increased their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Finally, Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $299.55.

Cummins Stock Performance

CMI opened at $301.59 on Wednesday. The stock has a market capitalization of $41.25 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 1.70 and a beta of 0.98. The company has a fifty day moving average of $296.14 and a 200 day moving average of $287.73. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

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

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.41%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is 53.29%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now 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. 0.56% of the stock is owned by company insiders.

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.