Dakota Wealth Management Sells 27,630 Shares of Cummins Inc. $CMI

Key Points

• Dakota Wealth Management has reduced its holdings in Cummins Inc. by 58.8%, selling 27,630 shares in the second quarter, leaving them with 19,351 shares valued at $6.34 million.
• Insider selling has also occurred, with Vice Presidents Robert Enright and Luther E. Peters selling a total of over $2.6 million in shares recently, indicating a decrease in insider ownership.
• Cummins recently declared a quarterly dividend of $2.00 per share, an increase from the previous quarter, reflecting a positive change in their financial strategy.

Dakota Wealth Management cut its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 58.8% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,351 shares of the company's stock after selling 27,630 shares during the quarter. Dakota Wealth Management's holdings in Cummins were worth $6,337,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Brighton Jones LLC raised its stake in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after purchasing an additional 83 shares during the period. Park Square Financial Group LLC purchased a new stake in Cummins during the 4th quarter valued at approximately $45,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Cummins by 34.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,397 shares of the company's stock valued at $8,156,000 after buying an additional 6,042 shares during the last quarter. 111 Capital purchased a new position in shares of Cummins in the fourth quarter worth $474,000. Finally, Versant Capital Management Inc boosted its position in shares of Cummins by 319.1% during the first quarter. Versant Capital Management Inc now owns 1,995 shares of the company's stock worth $625,000 after acquiring an additional 1,519 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Robert Enright sold 1,860 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president owned 955 shares of the company's stock, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Luther E. Peters sold 4,850 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the sale, the vice president directly owned 7,693 shares of the company's stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock worth $14,159,885 over the last three months. 0.41% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research reports. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Robert W. Baird lifted their target price on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Truist Financial boosted their target price on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Finally, Citigroup upped their price objective on Cummins from $425.00 to $485.00 and gave the stock a "buy" rating in a report on Tuesday. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and an average target price of $393.57.

Cummins Stock Performance

NYSE CMI opened at $413.99 on Friday. The business's 50 day moving average price is $392.70 and its 200-day moving average price is $341.63. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $432.50. The company has a market cap of $57.04 billion, a P/E ratio of 19.46, a P/E/G ratio of 2.02 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS 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 company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. During the same period in the previous year, the firm earned $5.26 earnings per share. Cummins's quarterly revenue was down 1.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is currently 37.61%.

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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