Knights of Columbus Asset Advisors LLC Sells 1,704 Shares of Cummins Inc. $CMI

Key Points

• Knights of Columbus Asset Advisors LLC decreased its holdings in Cummins Inc. by 4.2%, selling 1,704 shares and retaining a total of 38,447 shares valued at approximately $12.59 million.
• Company insiders, including VP Robert Enright, sold a total of 35,119 shares in the last ninety days, significantly reducing their stocks' ownership percentages.
• Cummins recently increased its quarterly dividend to $2.00 per share, reflecting an annualized yield of 1.8%, alongside solid earnings performance that exceeded analyst expectations.

Knights of Columbus Asset Advisors LLC trimmed its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 4.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,447 shares of the company's stock after selling 1,704 shares during the period. Knights of Columbus Asset Advisors LLC's holdings in Cummins were worth $12,591,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Olde Wealth Management LLC bought a new position in Cummins in the 1st quarter worth about $30,000. Accredited Wealth Management LLC purchased a new stake in shares of Cummins in the first quarter worth about $31,000. Opal Wealth Advisors LLC bought a new position in shares of Cummins in the first quarter valued at approximately $37,000. Richardson Financial Services Inc. purchased a new position in Cummins during the first quarter valued at approximately $39,000. Finally, Costello Asset Management INC bought a new stake in Cummins during the 1st quarter worth approximately $40,000. 83.46% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Robert Enright sold 1,860 shares of the firm's stock in a transaction dated 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 directly owned 955 shares of the company's stock, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the business's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company's stock, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,119 shares of company stock valued at $14,159,885. Company insiders own 0.41% of the company's stock.

Cummins Price Performance

Shares of Cummins stock opened at $432.87 on Monday. The firm has a market capitalization of $59.65 billion, a PE ratio of 20.35, a price-to-earnings-growth ratio of 2.09 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $437.66. The business's 50-day moving average price is $400.74 and its 200-day moving average price is $346.10.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company 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 company posted $5.26 EPS. Cummins's quarterly revenue was down 1.7% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Melius upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Citigroup lifted their price target on Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research report on Tuesday, September 23rd. Finally, Barclays boosted their price objective on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a report on Monday, July 21st. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $393.57.

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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