Cummins Inc. $CMI Shares Sold by Grey Ledge Advisors LLC

Grey Ledge Advisors LLC trimmed its stake in Cummins Inc. (NYSE:CMI) by 16.4% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,571 shares of the company’s stock after selling 1,292 shares during the period. Grey Ledge Advisors LLC’s holdings in Cummins were worth $3,535,000 as of its most recent filing with the SEC.

Other hedge funds have also recently made changes to their positions in the company. Thompson Investment Management Inc. purchased a new stake in Cummins in the fourth quarter valued at approximately $26,000. Activest Wealth Management boosted its position in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins during the fourth quarter worth $27,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Cummins in the fourth quarter valued at $28,000. Finally, Birchwood Financial Partners Inc. acquired a new stake in shares of Cummins in the fourth quarter valued at $28,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CMI shares. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Argus lifted their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Robert W. Baird set a $700.00 price target on shares of Cummins in a research note on Wednesday, May 6th. Evercore reissued an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. Finally, Truist Financial set a $815.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $731.86.

Cummins Stock Up 4.6%

Shares of NYSE CMI opened at $727.12 on Friday. The stock has a market cap of $100.33 billion, a P/E ratio of 37.73, a PEG ratio of 1.70 and a beta of 1.23. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12-month low of $319.37 and a 12-month high of $737.76. The business’s fifty day simple moving average is $670.68 and its 200-day simple moving average is $597.08.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the business posted $5.96 earnings per share. Cummins’s revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Insider Buying and Selling at Cummins

In related news, insider Brett Michael Merritt sold 701 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at approximately $7,165,755. This represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by company insiders.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.