Chapin Davis Inc. Has $496,000 Stock Position in Cummins Inc. $CMI

Chapin Davis Inc. decreased its holdings in Cummins Inc. (NYSE:CMI) by 65.7% during the second quarter, Holdings Channel.com reports. The firm owned 696 shares of the company’s stock after selling 1,336 shares during the period. Chapin Davis Inc.’s holdings in Cummins were worth $496,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Activest Wealth Management increased its position in Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC raised its position in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the period. Persistent Asset Partners Ltd bought a new position in Cummins in the 2nd quarter worth $26,000. Wellington Shields Capital Management LLC bought a new position in shares of Cummins in the fourth quarter worth about $27,000. Finally, Key Financial Inc increased its position in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Down 1.6%

Shares of NYSE:CMI opened at $564.61 on Friday. The company has a market capitalization of $77.72 billion, a PE ratio of 28.85, a PEG ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 52 week low of $389.52 and a 52 week high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73. The company has a 50 day moving average price of $647.45 and a two-hundred day moving average price of $627.90.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the firm posted $6.43 earnings per share. The business’s revenue was up 9.4% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 30.06 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s dividend payout ratio (DPR) is 44.97%.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Citigroup boosted their price objective on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. JPMorgan Chase & Co. increased their price objective on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a report on Wednesday, May 6th. UBS Group cut their price target on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Finally, Argus boosted their price objective on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Twelve research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins 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.