Simon Quick Advisors LLC Grows Stock Position in Cummins Inc. $CMI

Simon Quick Advisors LLC boosted its position in Cummins Inc. (NYSE:CMI) by 87.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,720 shares of the company’s stock after buying an additional 1,731 shares during the quarter. Simon Quick Advisors LLC’s holdings in Cummins were worth $1,218,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after purchasing an additional 321,823 shares in the last quarter. Northern Trust Corp grew its position in shares of 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 purchasing an additional 22,202 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Cummins by 0.5% in 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 valued at $512,343,000 after purchasing an additional 8,487 shares in the last quarter. Raymond James Financial Inc. grew its position 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 valued at $424,414,000 after purchasing an additional 817,384 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after acquiring an additional 126,362 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CMI. Barclays raised their price objective on shares of Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research report on Monday, October 20th. Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Citigroup raised their price objective 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. JPMorgan Chase & Co. boosted their target price on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 14th. Finally, Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Insider Activity

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction that occurred on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares in the company, valued at $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 43,119 shares of company stock valued at $17,674,285. Insiders own 0.41% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $438.26 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $449.21. The business has a 50-day simple moving average of $415.17 and a 200 day simple moving average of $361.69. 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 stock has a market cap of $60.39 billion, a price-to-earnings ratio of 20.60, a PEG ratio of 2.05 and a beta of 1.04.

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

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s dividend payout ratio (DPR) is 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.