Cummins Inc. $CMI Shares Sold by Thurston Springer Miller Herd & Titak Inc.

Key Points

• Thurston Springer Miller Herd & Titak Inc. cut its Cummins stake by 72% in the third quarter, selling 2,124 shares and retaining 826 shares valued at approximately $427,000. Institutional investors and hedge funds own 83.46% of Cummins stock.
• Cummins shares recently fell 1.3% to $522.33. The company’s latest quarterly earnings of $6.73 per share missed analyst expectations, although revenue rose 9.4% year over year to $9.46 billion.
• Cummins declared a quarterly dividend of $2.20 per share, equivalent to an annualized $8.80 payout and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $708.18.

Thurston Springer Miller Herd & Titak Inc. reduced its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 72.0% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 826 shares of the company's stock after selling 2,124 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in Cummins were worth $427,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CMI. Persistent Asset Partners Ltd purchased a new position in Cummins in the second quarter valued at about $26,000. Elevation Wealth Partners LLC increased its position in Cummins by 91.7% in the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company's stock worth $33,000 after purchasing an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC increased its position in Cummins by 1,500.0% in the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Key Financial Inc raised its stake in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock worth $28,000 after purchasing an additional 20 shares in the last quarter. Finally, Cornerstone Financial Management LLC raised its stake in shares of Cummins by 65.8% during the 2nd quarter. Cornerstone Financial Management LLC now owns 63 shares of the company's stock worth $45,000 after purchasing an additional 25 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company's stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Down 1.3%

Shares of NYSE CMI traded down $7.02 during mid-day trading on Wednesday, reaching $522.33. 429,295 shares of the company traded hands, compared to its average volume of 984,327. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The stock has a market cap of $71.90 billion, a PE ratio of 26.71, a price-to-earnings-growth ratio of 1.39 and a beta of 1.24. The company's fifty day moving average is $562.88 and its two-hundred day moving average is $620.45. Cummins Inc. has a fifty-two week low of $405.82 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the previous year, the business posted $6.43 earnings per share. The firm's revenue was up 9.4% on a year-over-year basis. On average, analysts expect that Cummins Inc. will post 30.10 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 annualized dividend and a yield of 1.7%. The ex-dividend date is Friday, November 20th. Cummins's dividend payout ratio (DPR) is 44.97%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Zacks Research lowered Cummins from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. Citigroup dropped their price objective on Cummins from $790.00 to $630.00 and set a "buy" rating on the stock in a report on Monday. Morgan Stanley increased their price objective on Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a report on Friday, July 17th. DA Davidson raised their price objective on shares of Cummins from $605.00 to $750.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Cummins from $690.00 to $600.00 and set a "neutral" rating for the company in a research note on Wednesday, September 23rd. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins has an average rating of "Moderate Buy" and an average target price of $708.18.

About Cummins

Cummins Inc NYSE: CMI is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.

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