Verdence Capital Advisors LLC Decreases Position in Cummins Inc. (NYSE:CMI)

Verdence Capital Advisors LLC decreased its stake in Cummins Inc. (NYSE:CMI) by 0.4% in the third quarter, Holdings Channel.com reports. The firm owned 7,856 shares of the company’s stock after selling 34 shares during the period. Verdence Capital Advisors LLC’s holdings in Cummins were worth $2,544,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. increased its position in Cummins by 22.8% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 5,723 shares of the company’s stock valued at $1,686,000 after acquiring an additional 1,061 shares during the last quarter. Montag A & Associates Inc. boosted its stake in shares of Cummins by 4,316.9% during the 1st quarter. Montag A & Associates Inc. now owns 7,862 shares of the company’s stock worth $2,317,000 after purchasing an additional 7,684 shares during the period. Concurrent Investment Advisors LLC grew its holdings in Cummins by 22.9% during the 1st quarter. Concurrent Investment Advisors LLC now owns 3,235 shares of the company’s stock valued at $953,000 after purchasing an additional 603 shares during the last quarter. Donoghue Forlines LLC purchased a new stake in Cummins in the 1st quarter worth about $1,900,000. Finally, Russell Investments Group Ltd. lifted its stake in Cummins by 18.9% in the first quarter. Russell Investments Group Ltd. now owns 205,932 shares of the company’s stock worth $60,679,000 after purchasing an additional 32,665 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

CMI opened at $356.46 on Friday. Cummins Inc. has a 1 year low of $214.57 and a 1 year high of $370.21. The firm has a market capitalization of $48.90 billion, a PE ratio of 23.54, a price-to-earnings-growth ratio of 2.01 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.82. The business’s 50-day moving average is $322.99 and its two-hundred day moving average is $299.12.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period last year, the firm earned $4.73 earnings per share. Cummins’s revenue was up .3% compared to the same quarter last year. Research analysts anticipate that Cummins Inc. will post 20.17 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CMI shares. Citigroup increased their price target on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Evercore ISI increased their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. JPMorgan Chase & Co. raised their price target on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Finally, Barclays upped their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $324.83.

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.