Camelot Portfolios LLC Makes New Investment in Cummins Inc. $CMI

Camelot Portfolios LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, Holdings Channel.com reports. The institutional investor purchased 1,350 shares of the company’s stock, valued at approximately $442,000.

A number of other large investors also recently modified their holdings of CMI. Vanguard Group Inc. grew its holdings in Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after acquiring an additional 321,823 shares during the period. Northern Trust Corp boosted its position in Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after acquiring an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Cummins by 0.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after acquiring an additional 8,487 shares during the period. Raymond James Financial Inc. lifted its holdings in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after buying an additional 817,384 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after buying an additional 126,362 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CMI. Barclays boosted their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Citigroup boosted their price objective on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday. Truist Financial upped their price target on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a report on Wednesday, September 3rd. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Nine equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $393.57.

Insider Buying and Selling

In other news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock valued at $14,159,885 over the last quarter. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $418.59 on Friday. Cummins Inc. has a one year low of $260.02 and a one year high of $432.50. The stock’s fifty day moving average price is $394.06 and its two-hundred day moving average price is $342.33. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a market cap of $57.68 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 2.02 and a beta of 1.02.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter last year, the business posted $5.26 EPS. Cummins’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a $2.00 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s dividend payout ratio is currently 37.61%.

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.