Summit Financial Wealth Advisors LLC Reduces Stock Holdings in Cummins Inc. (NYSE:CMI)

Summit Financial Wealth Advisors LLC lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 0.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 34,189 shares of the company’s stock after selling 80 shares during the quarter. Cummins comprises about 2.1% of Summit Financial Wealth Advisors LLC’s holdings, making the stock its 14th biggest holding. Summit Financial Wealth Advisors LLC’s holdings in Cummins were worth $11,070,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Bank of Montreal Can lifted its holdings in shares of Cummins by 21.2% in the 3rd quarter. Bank of Montreal Can now owns 391,845 shares of the company’s stock valued at $127,898,000 after purchasing an additional 68,627 shares during the last quarter. Associated Banc Corp lifted its stake in Cummins by 0.8% in the third quarter. Associated Banc Corp now owns 51,026 shares of the company’s stock valued at $16,522,000 after buying an additional 410 shares during the last quarter. Private Trust Co. NA boosted its holdings in shares of Cummins by 2.7% in the third quarter. Private Trust Co. NA now owns 1,743 shares of the company’s stock valued at $564,000 after acquiring an additional 46 shares during the period. Hancock Whitney Corp grew its position in shares of Cummins by 545.1% during the third quarter. Hancock Whitney Corp now owns 38,630 shares of the company’s stock worth $12,508,000 after acquiring an additional 32,642 shares during the last quarter. Finally, Truvestments Capital LLC increased its holdings in shares of Cummins by 11.5% in the 3rd quarter. Truvestments Capital LLC now owns 2,207 shares of the company’s stock valued at $715,000 after acquiring an additional 227 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $375.32 on Tuesday. Cummins Inc. has a 12 month low of $222.04 and a 12 month high of $377.64. The firm has a market capitalization of $51.49 billion, a price-to-earnings ratio of 24.79, a price-to-earnings-growth ratio of 1.81 and a beta of 0.97. The business’s 50 day simple moving average is $337.27 and its 200-day simple moving average is $305.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter last year, the business posted $4.73 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders have sold 6,489 shares of company stock worth $2,357,531. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of recent research reports. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a research note on Wednesday, November 6th. Truist Financial raised their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Citigroup lifted their target price on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research note on Wednesday, November 20th. Finally, The Goldman Sachs Group boosted their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of “Hold” and a consensus price target of $337.67.

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.