Benjamin Edwards Inc. Sells 3,664 Shares of Cummins Inc. (NYSE:CMI)

Key Points

• Benjamin Edwards Inc. has reduced its stake in Cummins Inc. by 10.6% during Q1, owning approximately 30,920 shares valued at $9.69 million after selling 3,664 shares.
• Director John H. Stone bought 1,000 shares of Cummins stock, increasing his position by 69.40% at an average price of $332.08 per share.
• Cummins recently increased its quarterly dividend from $1.82 to $2.00, representing an annualized dividend yield of 2.1%.

Benjamin Edwards Inc. trimmed its position in Cummins Inc. (NYSE:CMI - Free Report) by 10.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,920 shares of the company's stock after selling 3,664 shares during the period. Benjamin Edwards Inc.'s holdings in Cummins were worth $9,692,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Fayez Sarofim & Co lifted its stake in Cummins by 72.3% in the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after purchasing an additional 3,440 shares during the last quarter. Alpha Cubed Investments LLC bought a new stake in Cummins in the first quarter worth $440,000. Assenagon Asset Management S.A. lifted its stake in Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after purchasing an additional 1,114 shares during the last quarter. Heritage Trust Co bought a new stake in Cummins in the fourth quarter worth $1,422,000. Finally, Artemis Investment Management LLP raised its stake in shares of Cummins by 19.1% during the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock valued at $2,428,000 after acquiring an additional 1,241 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Transactions at Cummins

In related news, Director John H. Stone bought 1,000 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was bought at an average cost of $332.08 per share, with a total value of $332,080.00. Following the completion of the purchase, the director owned 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Jennifer Mary Bush sold 520 shares of the firm's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $388.13, for a total transaction of $201,827.60. Following the transaction, the vice president directly owned 15,130 shares of the company's stock, valued at $5,872,406.90. The trade was a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company's stock.

Cummins Stock Performance

Cummins stock traded up $0.60 during midday trading on Wednesday, reaching $399.66. 39,621 shares of the company traded hands, compared to its average volume of 882,532. The firm has a market capitalization of $55.07 billion, a price-to-earnings ratio of 18.79, a price-to-earnings-growth ratio of 1.89 and a beta of 1.02. The business has a 50 day moving average of $342.75 and a two-hundred day moving average of $331.81. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $401.05. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping 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 business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the firm earned $5.26 earnings per share. The company's quarterly revenue was down 1.7% on a year-over-year basis. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's dividend payout ratio is currently 37.61%.

Analysts Set New Price Targets

Several equities analysts have recently commented on CMI shares. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a research note on Monday. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Robert W. Baird boosted their price target on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Finally, Barclays boosted their price target on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $370.83.

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.