Eldred Rock Partners LLC increased its position in Cummins Inc. (NYSE:CMI – Free Report) by 6.5% in the second quarter, HoldingsChannel reports. The firm owned 26,782 shares of the company’s stock after purchasing an additional 1,627 shares during the quarter. Cummins accounts for approximately 4.1% of Eldred Rock Partners LLC’s holdings, making the stock its 9th biggest holding. Eldred Rock Partners LLC’s holdings in Cummins were worth $19,101,000 at the end of the most recent quarter.
A number of other institutional investors have also recently modified their holdings of the stock. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after buying an additional 83 shares in the last quarter. Intech Investment Management LLC raised its stake in shares of Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after buying an additional 1,146 shares during the period. Treasurer of the State of North Carolina lifted its holdings in Cummins by 2.8% during the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after purchasing an additional 1,759 shares in the last quarter. ICW Investment Advisors LLC purchased a new position in shares of Cummins during the 2nd quarter valued at $225,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins in the second quarter worth about $31,000. 83.46% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
CMI has been the subject of a number of research reports. Raymond James Financial upped their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. UBS Group dropped their price objective on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research note on Wednesday. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price target on shares of Cummins in a report on Wednesday. Truist Financial set a $894.00 price objective on shares of Cummins in a report on Wednesday. Finally, Argus lifted their target price on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Cummins has an average rating of “Moderate Buy” and a consensus target price of $745.64.
Insiders Place Their Bets
In other news, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the transaction, the executive vice president directly owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. This represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the transaction, the vice president owned 9,447 shares in the company, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 7,690 shares of company stock valued at $5,360,654. Insiders own 0.30% of the company’s stock.
Cummins Price Performance
Shares of CMI opened at $644.21 on Friday. Cummins Inc. has a twelve month low of $383.90 and a twelve month high of $737.76. The company has a 50 day moving average of $668.83 and a two-hundred day moving average of $625.16. The company has a quick ratio of 1.11, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company has a market cap of $88.68 billion, a price-to-earnings ratio of 32.92, a price-to-earnings-growth ratio of 1.57 and a beta of 1.24.
Cummins (NYSE:CMI – Get Free Report) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same period in the prior year, the company earned $6.43 earnings per share. The company’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, analysts predict that Cummins Inc. will post 29.42 earnings per share for the current fiscal year.
Cummins Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio is presently 41.52%.
Cummins Profile
Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.
The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.
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