Catalyst Capital Advisors LLC Sells 9,517 Shares of Cummins Inc. $CMI

Key Points

• Catalyst Capital Advisors LLC significantly decreased its stake in Cummins Inc. by 95.5%, selling 9,517 shares, leaving them with only 453 shares valued at about $148,000.
• Insider transactions included VP Robert Enright and Director Karen H. Quintos selling a combined total of 3,167 shares, resulting in a notable decrease in their ownership positions.
• Cummins announced a quarterly dividend of $2.00 per share, expected to be paid on December 4, 2023, with a current annualized yield of 1.9%.

Catalyst Capital Advisors LLC reduced its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 95.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 453 shares of the company's stock after selling 9,517 shares during the period. Catalyst Capital Advisors LLC's holdings in Cummins were worth $148,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Olde Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter worth approximately $30,000. Accredited Wealth Management LLC bought a new stake in shares of Cummins during the 1st quarter worth approximately $31,000. Richardson Financial Services Inc. bought a new stake in shares of Cummins during the 1st quarter worth approximately $39,000. Costello Asset Management INC bought a new stake in shares of Cummins during the 1st quarter worth approximately $40,000. Finally, Wealth Preservation Advisors LLC bought a new stake in shares of Cummins during the 1st quarter worth approximately $41,000. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Cummins news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated 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 owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock valued at $17,674,285 over the last three months. Corporate insiders own 0.41% of the company's stock.

Cummins Price Performance

CMI opened at $421.79 on Friday. The business's 50-day moving average is $412.77 and its two-hundred day moving average is $357.20. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. 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 firm has a market capitalization of $58.12 billion, a PE ratio of 19.83, a price-to-earnings-growth ratio of 1.94 and a beta of 1.04.

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

Cummins Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CMI. Weiss Ratings reissued a "buy (b-)" rating on shares of Cummins in a research note on Tuesday, October 14th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Truist Financial raised their price target on Cummins from $380.00 to $434.00 and gave the company a "hold" rating in a research note on Wednesday, October 8th. Barclays raised their price target on Cummins from $387.00 to $430.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $410.50.

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.

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