Cummins Inc. (NYSE:CMI) Stock Position Raised by &Partners

&Partners boosted its position in shares of Cummins Inc. (NYSE:CMI) by 70.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,492 shares of the company’s stock after purchasing an additional 615 shares during the period. &Partners’ holdings in Cummins were worth $416,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. First United Bank & Trust purchased a new position in shares of Cummins during the fourth quarter valued at $25,000. Private Wealth Management Group LLC acquired a new position in shares of Cummins in the 4th quarter valued at about $26,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins in the second quarter worth approximately $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins during the second quarter worth approximately $28,000. Finally, Lynx Investment Advisory purchased a new position in Cummins during the second quarter valued at approximately $29,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 1.7 %

NYSE:CMI opened at $309.31 on Friday. The company’s 50 day moving average is $286.67 and its 200-day moving average is $282.74. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83. The firm has a market cap of $42.31 billion, a price-to-earnings ratio of 22.64, a P/E/G ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.18 EPS. Equities analysts anticipate that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.35%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is 53.29%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. increased their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Robert W. Baird increased their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Truist Financial boosted their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Citigroup initiated coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Finally, Raymond James began coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus target price of $299.55.

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.