Rockland Trust Co. Sells 791 Shares of Cummins Inc. $CMI

Key Points

• Rockland Trust Co. has reduced its stake in Cummins Inc. by 27.5%, owning 2,082 shares valued at $682,000 after selling 791 shares in the second quarter.
• Cummins has received multiple analyst upgrades, with Wolfe Research and Wells Fargo improving their ratings to "outperform" and "overweight", respectively.
• The company recently announced a quarterly dividend of $2.00 per share, up from the previous $1.82, signaling a positive change in its profitability outlook.

Rockland Trust Co. trimmed its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 27.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,082 shares of the company's stock after selling 791 shares during the quarter. Rockland Trust Co.'s holdings in Cummins were worth $682,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of CMI. Fox Run Management L.L.C. purchased a new position in Cummins during the first quarter worth $2,749,000. Alpha Cubed Investments LLC acquired a new position in shares of Cummins during the first quarter worth about $440,000. Assenagon Asset Management S.A. lifted its stake in shares of Cummins by 8.9% during 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 in the last quarter. Invesco Ltd. increased its position in shares of Cummins by 11.6% during the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock worth $381,129,000 after acquiring an additional 126,362 shares during the last quarter. Finally, Artemis Investment Management LLP increased its position 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 worth $2,428,000 after acquiring an additional 1,241 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Robert Enright sold 1,860 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president directly owned 955 shares of the company's stock, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,119 shares of company stock worth $14,159,885 over the last 90 days. Corporate insiders own 0.41% of the company's stock.

Cummins Stock Up 0.5%

NYSE:CMI traded up $2.13 during trading hours on Tuesday, reaching $426.98. The company had a trading volume of 163,450 shares, compared to its average volume of 871,239. The firm has a market cap of $58.83 billion, a price-to-earnings ratio of 20.12, a P/E/G ratio of 2.05 and a beta of 1.02. The business's 50-day simple moving average is $388.30 and its two-hundred day simple moving average is $339.96. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $432.50. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI - Get Free Report) last announced 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. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.26 earnings per share. On average, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a $2.00 dividend. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Barclays boosted their price objective on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Robert W. Baird increased their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. The Goldman Sachs Group upgraded shares of Cummins from a "neutral" rating to a "buy" rating and upped their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a research report on Monday, August 11th. Finally, Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target 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.