Blair William & Co. IL Raises Stock Holdings in Cummins Inc. $CMI

Blair William & Co. IL raised its position in shares of Cummins Inc. (NYSE:CMI) by 3.0% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 44,982 shares of the company’s stock after purchasing an additional 1,319 shares during the quarter. Blair William & Co. IL’s holdings in Cummins were worth $14,731,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Leo Wealth LLC lifted its holdings in shares of Cummins by 10.8% during the second quarter. Leo Wealth LLC now owns 1,288 shares of the company’s stock worth $422,000 after purchasing an additional 126 shares during the period. Copperwynd Financial LLC raised its position in Cummins by 1.8% during the 2nd quarter. Copperwynd Financial LLC now owns 3,321 shares of the company’s stock worth $1,088,000 after buying an additional 60 shares during the last quarter. Tectonic Advisors LLC lifted its stake in Cummins by 13.2% during the 2nd quarter. Tectonic Advisors LLC now owns 3,166 shares of the company’s stock valued at $1,037,000 after acquiring an additional 369 shares during the period. Columbus Macro LLC boosted its holdings in shares of Cummins by 22.0% in the 2nd quarter. Columbus Macro LLC now owns 20,550 shares of the company’s stock valued at $6,730,000 after acquiring an additional 3,709 shares during the last quarter. Finally, Maryland State Retirement & Pension System increased its stake in shares of Cummins by 4.7% in the second quarter. Maryland State Retirement & Pension System now owns 6,689 shares of the company’s stock worth $2,191,000 after acquiring an additional 302 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Citigroup boosted their target price on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday. Finally, Robert W. Baird raised their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $397.43.

Cummins Trading Down 3.1%

Shares of NYSE:CMI opened at $413.28 on Friday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $440.51. The firm has a market capitalization of $56.95 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 2.06 and a beta of 1.04. 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 business’s 50 day moving average price is $407.21 and its 200-day moving average price is $349.37.

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

Cummins Increases Dividend

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

Insider Buying and Selling

In other Cummins news, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. The trade was a 66.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,119 shares of company stock worth $17,674,285 in the last quarter. 0.41% of the stock is owned by insiders.

Cummins Profile

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.