Greenleaf Trust Sells 2,085 Shares of Cummins Inc. $CMI

Key Points

• Greenleaf Trust reduced its stake in Cummins Inc. by 26.0%, selling 2,085 shares and ending the quarter with a holding valued at $1,938,000.
• Several institutional investors have increased their positions in Cummins, with Raymond James Financial Inc. leading by boosting its stake by 152.3%, now owning over 1.35 million shares.
• Cummins recently declared a quarterly dividend of $2.00 per share, an increase from the previous $1.82, reflecting a payout ratio of 37.61%.

Greenleaf Trust cut its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 26.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,919 shares of the company's stock after selling 2,085 shares during the period. Greenleaf Trust's holdings in Cummins were worth $1,938,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of CMI. Raymond James Financial Inc. increased its stake in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock worth $424,414,000 after purchasing an additional 817,384 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock worth $314,942,000 after purchasing an additional 424,294 shares during the last quarter. Nuveen LLC acquired a new position in shares of Cummins during the 1st quarter worth about $109,120,000. Vanguard Group Inc. increased its stake in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Cummins by 74.2% during the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company's stock worth $234,907,000 after purchasing an additional 319,277 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other news, CFO Mark Andrew Smith sold 1,580 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The shares were sold at an average price of $419.00, for a total transaction of $662,020.00. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company's stock, valued at approximately $13,232,858. This represents a 4.76% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the company's 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 sale, the director directly owned 5,227 shares of the company's stock, valued at approximately $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 a total of 35,119 shares of company stock worth $14,159,885 in the last 90 days. Corporate insiders own 0.41% of the company's stock.

Cummins Stock Performance

NYSE CMI opened at $422.60 on Wednesday. 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 company has a market capitalization of $58.23 billion, a P/E ratio of 19.87, a P/E/G ratio of 2.03 and a beta of 1.02. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $432.50. The firm has a 50-day moving average price of $396.86 and a two-hundred day moving average price of $343.77.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the previous year, the firm posted $5.26 EPS. The business's revenue for the quarter was down 1.7% compared to the same quarter last year. Analysts anticipate 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. Stockholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. Cummins's payout ratio is currently 37.61%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on CMI shares. Barclays boosted their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Citigroup upped their price target on shares of Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Melius Research upgraded shares of 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. Wells Fargo & Company upgraded shares of Cummins to an "overweight" rating in a research note on Monday, August 11th. Finally, Robert W. Baird upped their price target on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Nine equities 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $393.57.

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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