Cummins Inc. $CMI Shares Sold by 111 Capital

Key Points

• 111 Capital reduced its holdings in Cummins Inc. by 26.8% in the second quarter, now owning 2,717 shares valued at approximately $890,000.
• Insider activity includes VP Amy Rochelle Davis selling 5,002 shares, and Director Karen H. Quintos selling 1,307 shares, both reflecting significant reductions in their ownership stakes.
• Several research firms have upgraded Cummins' stock ratings, with an average target price increased to $393.57, indicating a consensus rating of "Moderate Buy".

111 Capital reduced its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 26.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,717 shares of the company's stock after selling 997 shares during the period. 111 Capital's holdings in Cummins were worth $890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently bought and sold shares of the business. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $30,000. Accredited Wealth Management LLC purchased a new stake in Cummins in the 1st quarter valued at $31,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins in the 1st quarter worth $37,000. Richardson Financial Services Inc. purchased a new position in shares of Cummins during the 1st quarter worth $39,000. Finally, Costello Asset Management INC acquired a new position in shares of Cummins during the 1st quarter valued at about $40,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Activity at Cummins

In related news, VP Amy Rochelle Davis sold 5,002 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares in the company, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares of the company's stock, valued at $2,118,659.91. This represents a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,119 shares of company stock worth $14,159,885 over the last quarter. 0.41% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research firms recently issued reports on CMI. Wolfe Research upgraded shares of Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Barclays increased their price objective on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Citigroup lifted their target price on Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Finally, Truist Financial increased their price target on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and an average price target of $393.57.

Cummins Price Performance

Shares of CMI opened at $432.87 on Friday. The company has a market cap of $59.65 billion, a P/E ratio of 20.35, a PEG ratio of 2.09 and a beta of 1.04. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $437.66. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The firm's 50 day moving average price is $400.74 and its 200 day moving average price is $345.95.

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

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 37.61%.

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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