Rogco LP Has $470,000 Stock Holdings in Cummins Inc. $CMI

Rogco LP boosted its position in Cummins Inc. (NYSE:CMI) by 20.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,436 shares of the company’s stock after acquiring an additional 241 shares during the quarter. Rogco LP’s holdings in Cummins were worth $470,000 at the end of the most recent reporting period.

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

Insider Activity

In other news, VP Robert Enright sold 1,860 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,119 shares of company stock valued at $14,159,885. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $422.60 on Wednesday. The firm has a market cap of $58.23 billion, a PE ratio of 19.87, a price-to-earnings-growth ratio of 2.03 and a beta of 1.02. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The stock has a 50-day moving average price of $396.86 and a 200-day moving average price of $343.77. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $432.50.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.26 EPS. As a group, equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.9%. This is an increase from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s payout ratio is presently 37.61%.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Truist Financial boosted their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Robert W. Baird raised their price target on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Finally, Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a report on Wednesday, September 3rd. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $393.57.

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.