Atria Wealth Solutions Inc. Sells 4,663 Shares of Cummins Inc. $CMI

Key Points

• Atria Wealth Solutions Inc. reduced its holdings in Cummins Inc. by 52.7%, selling 4,663 shares and ending the quarter with 4,185 shares valued at approximately $1.37 million.
• Cummins reported earnings of $6.43 per share for the last quarter, exceeding analysts' expectations and revealing a revenue of $8.64 billion, though this marked a year-over-year decline of 1.7%.
• The company declared a quarterly dividend of $2.00 per share, with an annualized yield of 1.9%, scheduled for payment on December 4th.

Atria Wealth Solutions Inc. decreased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 52.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 4,185 shares of the company's stock after selling 4,663 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Cummins were worth $1,371,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Olde Wealth Management LLC bought a new position in shares of Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC bought a new position in shares of Cummins during the first quarter valued at approximately $31,000. Richardson Financial Services Inc. purchased a new stake in shares of Cummins in the first quarter valued at approximately $39,000. Costello Asset Management INC purchased a new stake in shares of Cummins in the first quarter valued at approximately $40,000. Finally, Wealth Preservation Advisors LLC purchased a new stake in shares of Cummins in the first quarter valued at approximately $41,000. Institutional investors own 83.46% of the company's stock.

Cummins Stock Down 0.2%

Cummins stock opened at $422.34 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The stock has a market capitalization of $58.19 billion, a price-to-earnings ratio of 19.86, a PEG ratio of 2.04 and a beta of 1.04. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51. The business has a fifty day moving average price of $410.61 and a 200-day moving average price of $352.08.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business's quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the firm earned $5.26 EPS. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins's dividend payout ratio is presently 37.61%.

Insider Transactions at Cummins

In related news, VP Robert Enright sold 1,860 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president directly owned 955 shares of the company's stock, valued at $384,158.30. This represents a 66.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company's stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock worth $17,674,285 over the last 90 days. Insiders own 0.41% of the company's stock.

Analyst Ratings Changes

CMI has been the subject of a number of research reports. Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Weiss Ratings restated a "buy (b-)" rating on shares of Cummins in a report on Tuesday. Finally, Wells Fargo & Company upgraded Cummins to an "overweight" rating in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $407.43.

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.

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