Summit Financial Wealth Advisors LLC Reduces Holdings in Cummins Inc. (NYSE:CMI)

Summit Financial Wealth Advisors LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 0.2% in the third quarter, Holdings Channel.com reports. The firm owned 34,189 shares of the company’s stock after selling 80 shares during the period. Cummins comprises approximately 2.1% of Summit Financial Wealth Advisors LLC’s investment portfolio, making the stock its 14th largest position. Summit Financial Wealth Advisors LLC’s holdings in Cummins were worth $11,070,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new position in Cummins during the 2nd quarter worth $28,000. Prospera Private Wealth LLC bought a new stake in Cummins in the third quarter valued at about $32,000. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins during the second quarter valued at approximately $28,000. Lynx Investment Advisory acquired a new stake in Cummins during the second quarter valued at approximately $29,000. Finally, LRI Investments LLC bought a new position in Cummins during the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a report on Wednesday, November 6th. Citigroup increased their price objective on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Robert W. Baird upped their price objective on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Finally, Barclays raised their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $337.67.

Cummins Trading Up 0.7 %

Shares of NYSE:CMI opened at $375.32 on Tuesday. The company has a 50 day moving average of $337.27 and a 200-day moving average of $305.21. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The firm has a market cap of $51.49 billion, a P/E ratio of 24.79, a P/E/G ratio of 1.81 and a beta of 0.97. Cummins Inc. has a twelve month low of $222.04 and a twelve month high of $377.64.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the firm posted $4.73 earnings per share. The firm’s revenue for the quarter was up .3% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 1.94%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is currently 48.08%.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Over the last three months, insiders have sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by corporate insiders.

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.