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. lessened its stake in Cummins Inc. (NYSE:CMI - Free Report) by 27.5% during the second quarter, according to its most recent 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 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of CMI. Bank of Jackson Hole Trust raised its stake in shares of Cummins by 1.2% in the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock valued at $887,000 after buying an additional 33 shares during the period. Scotia Capital Inc. raised its stake in Cummins by 0.5% in the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company's stock valued at $2,104,000 after acquiring an additional 34 shares during the period. Van Hulzen Asset Management LLC raised its stake in Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company's stock valued at $872,000 after acquiring an additional 34 shares during the period. PKS Advisory Services LLC lifted its holdings in Cummins by 2.4% during the first quarter. PKS Advisory Services LLC now owns 1,497 shares of the company's stock valued at $469,000 after purchasing an additional 35 shares during the last quarter. Finally, Ascent Group LLC boosted its position in Cummins by 2.7% during the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after purchasing an additional 37 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on CMI. Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Truist Financial increased their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Barclays lifted their price target on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research report on Monday, August 11th. Finally, Evercore ISI restated an "outperform" rating on shares of Cummins in a research report on Tuesday, August 19th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $389.29.

Cummins Stock Up 0.5%

CMI stock traded up $2.32 during midday trading on Monday, hitting $425.96. The stock had a trading volume of 432,762 shares, compared to its average volume of 873,526. The business has a 50-day moving average of $386.60 and a two-hundred day moving average of $339.37. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a market cap of $58.69 billion, a price-to-earnings ratio of 20.05, a price-to-earnings-growth ratio of 2.05 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $428.96.

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 business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter in the previous year, the firm posted $5.26 earnings per share. Cummins's quarterly revenue was down 1.7% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal 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 given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. Cummins's payout ratio is 37.61%.

Insider Buying and Selling

In other news, Director Karen H. Quintos sold 1,307 shares of the company's stock in a transaction 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 transaction, the director directly owned 5,227 shares of the company's stock, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 6,500 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the transaction, the chief financial officer directly owned 31,582 shares of the company's stock, valued at $12,790,710. The trade was a 17.07% 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. 0.41% of the stock is currently owned by company insiders.

About Cummins

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.