MFG Wealth Management Inc. purchased a new stake in Cummins Inc. (NYSE:CMI – Free Report) during the second quarter, according to its most recent filing with the SEC. The firm purchased 2,198 shares of the company’s stock, valued at approximately $1,568,000.
Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC lifted its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after buying an additional 83 shares during the last quarter. Intech Investment Management LLC grew its position in shares of Cummins by 40.8% in the 1st 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 last quarter. Treasurer of the State of North Carolina grew its position in shares of Cummins by 2.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after buying an additional 1,759 shares during the last quarter. ICW Investment Advisors LLC bought a new position in shares of Cummins during the 2nd quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. bought a new position in shares of Cummins during the 2nd quarter worth approximately $31,000. 83.46% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the sale, the executive vice president owned 11,679 shares in the company, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 7,690 shares of company stock worth $5,360,654 over the last three months. Corporate insiders own 0.30% of the company’s stock.
Cummins Stock Up 0.0%
Cummins (NYSE:CMI – Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. During the same quarter in the previous year, the company posted $6.43 EPS. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 29.42 earnings per share for the current year.
Cummins Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 41.52%.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Monday. Argus upped their price target on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Citigroup increased their price objective on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Robert W. Baird set a $700.00 target price on Cummins in a research note on Wednesday, May 6th. Finally, Truist Financial set a $894.00 target price on Cummins in a research report on Wednesday. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $745.64.
Read Our Latest Stock Report on Cummins
About Cummins
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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