Columbia Asset Management Takes Position in Cummins Inc. (NYSE:CMI)

Columbia Asset Management acquired a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, Holdings Channel.com reports. The firm acquired 725 shares of the company’s stock, valued at approximately $201,000.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Price T Rowe Associates Inc. MD lifted its position in Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after buying an additional 604,735 shares during the period. Fisher Asset Management LLC lifted its position in Cummins by 4.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock worth $619,982,000 after buying an additional 103,018 shares during the period. Dimensional Fund Advisors LP lifted its position in Cummins by 6.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after buying an additional 96,387 shares during the period. Ontario Teachers Pension Plan Board lifted its position in Cummins by 3.1% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock worth $342,817,000 after buying an additional 43,090 shares during the period. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in Cummins by 4.8% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after buying an additional 64,365 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE CMI opened at $293.41 on Friday. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The business has a 50 day moving average price of $292.17 and a two-hundred day moving average price of $285.88. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The firm has a market cap of $40.13 billion, a PE ratio of 21.48, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same quarter last year, the firm earned $5.18 EPS. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Wall Street Analyst Weigh In

CMI has been the topic of several recent analyst reports. Evercore ISI increased their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. JPMorgan Chase & Co. upped their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Citigroup started 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. Truist Financial upped their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $299.55.

Insiders Place Their Bets

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Company Profile

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.