Cummins Inc. (NYSE:CMI) Shares Sold by Icon Advisers Inc. Co.

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Icon Advisers Inc. Co. lessened its stake in shares of Cummins Inc. (NYSE:CMI) by 57.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,450 shares of the company’s stock after selling 17,050 shares during the quarter. Icon Advisers Inc. Co.’s holdings in Cummins were worth $2,133,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Gradient Investments LLC grew its position in Cummins by 102.8% in the second quarter. Gradient Investments LLC now owns 146 shares of the company’s stock worth $25,000 after buying an additional 74 shares during the last quarter. Guidant Wealth Advisors acquired a new position in Cummins in the first quarter worth approximately $29,000. SeaBridge Investment Advisors LLC acquired a new position in Cummins in the first quarter worth approximately $32,000. Meridian Wealth Management LLC acquired a new position in Cummins in the first quarter worth approximately $32,000. Finally, Sonora Investment Management LLC acquired a new position in Cummins in the second quarter worth approximately $32,000. Institutional investors and hedge funds own 81.51% of the company’s stock.

Cummins stock traded up $3.22 during midday trading on Friday, reaching $149.25. The stock had a trading volume of 1,223,000 shares, compared to its average volume of 1,403,415. The firm’s fifty day simple moving average is $164.87 and its two-hundred day simple moving average is $161.01. Cummins Inc. has a twelve month low of $124.40 and a twelve month high of $175.91. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.66 and a quick ratio of 1.04. The firm has a market cap of $23.55 billion, a price-to-earnings ratio of 11.28, a PEG ratio of 1.14 and a beta of 1.14.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $4.27 EPS for the quarter, missing analysts’ consensus estimates of $4.38 by ($0.11). Cummins had a return on equity of 29.75% and a net margin of 10.74%. The firm had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.36 billion. During the same period in the prior year, the business posted $4.14 EPS. The company’s revenue for the quarter was up 1.5% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 15.84 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Wednesday, August 21st will be paid a $1.311 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.14. The ex-dividend date is Tuesday, August 20th. This represents a $5.24 dividend on an annualized basis and a yield of 3.51%. Cummins’s dividend payout ratio (DPR) is currently 34.47%.

Several research analysts have issued reports on the stock. Credit Suisse Group lifted their price target on shares of Cummins from $198.00 to $203.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 31st. Loop Capital lowered shares of Cummins from a “hold” rating to a “sell” rating and decreased their price target for the stock from $168.00 to $145.00 in a research report on Tuesday, July 2nd. Stifel Nicolaus lifted their price target on shares of Cummins from $176.00 to $183.00 and gave the stock a “buy” rating in a research report on Wednesday, May 1st. Standpoint Research lowered shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday, July 16th. Finally, UBS Group lifted their price target on shares of Cummins from $130.00 to $135.00 and gave the stock a “sell” rating in a research report on Wednesday, May 1st. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the stock. Cummins currently has a consensus rating of “Hold” and an average target price of $166.67.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, and engine-related component products worldwide. It operates through four segments: Engine, Distribution, Components, and Power Systems segments. The Engine segment manufactures and markets a range of 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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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