First Foundation Advisors Sells 216 Shares of Cummins Inc. (NYSE:CMI)

First Foundation Advisors decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 42.4% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 294 shares of the company’s stock after selling 216 shares during the period. First Foundation Advisors’ holdings in Cummins were worth $81,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Atlantic Edge Private Wealth Management LLC grew its holdings in Cummins by 0.7% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after purchasing an additional 35 shares during the period. Albert D Mason Inc. lifted its position in shares of Cummins by 0.4% during the 1st quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock valued at $2,728,000 after buying an additional 37 shares in the last quarter. Greenleaf Trust grew its stake in shares of Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock valued at $2,275,000 after acquiring an additional 40 shares during the period. Bangor Savings Bank increased its holdings in Cummins by 39.2% in the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after acquiring an additional 40 shares in the last quarter. Finally, Aptus Capital Advisors LLC raised its stake in Cummins by 2.6% during the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock worth $453,000 after acquiring an additional 41 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 0.5 %

NYSE CMI opened at $295.43 on Wednesday. The stock has a 50 day moving average price of $293.22 and a 200-day moving average price of $286.66. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company has a market capitalization of $40.49 billion, a P/E ratio of 21.63, a P/E/G ratio of 1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same quarter last year, the business earned $5.18 earnings per share. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s payout ratio is presently 53.29%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Evercore ISI upped their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Citigroup initiated coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Finally, Robert W. Baird upped their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus target price of $299.55.

Insider Buying and Selling at Cummins

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

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.