Ethic Inc. Purchases 1,109 Shares of Cummins Inc. $CMI

Ethic Inc. grew its position in Cummins Inc. (NYSE:CMI) by 9.5% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,724 shares of the company’s stock after acquiring an additional 1,109 shares during the period. Ethic Inc.’s holdings in Cummins were worth $4,144,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Orca Wealth Management LLC grew its position in shares of Cummins by 0.6% in the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock valued at $1,509,000 after acquiring an additional 28 shares during the period. V Square Quantitative Management LLC grew its position in shares of Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after acquiring an additional 31 shares during the period. Bank of Jackson Hole Trust grew its position in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after acquiring an additional 33 shares during the period. Scotia Capital Inc. grew its position in shares of Cummins by 0.5% in the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after acquiring an additional 34 shares during the period. Finally, Van Hulzen Asset Management LLC grew its position in shares of Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after acquiring an additional 34 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CMI. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Barclays lifted their target price on shares of Cummins from $387.00 to $430.00 and gave the stock an “equal weight” rating in a report on Monday. Truist Financial lifted their target price on shares of Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a report on Wednesday, October 8th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $410.50.

Cummins Price Performance

Shares of Cummins stock opened at $418.36 on Friday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $440.51. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a 50-day simple moving average of $412.30 and a two-hundred day simple moving average of $356.13. The stock has a market capitalization of $57.65 billion, a price-to-earnings ratio of 19.67, a price-to-earnings-growth ratio of 1.89 and a beta of 1.04.

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

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a yield of 1.9%. Cummins’s payout ratio is 37.61%.

Insiders Place Their Bets

In other news, CFO Mark Andrew Smith sold 8,000 shares of the business’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 directly owned 31,582 shares in the company, valued at approximately $13,873,972.60. The trade was a 20.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is currently owned by 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.