Choreo LLC Has $1.82 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Choreo LLC grew its stake in shares of Cummins Inc. (NYSE:CMI) by 75.9% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 6,660 shares of the company’s stock after acquiring an additional 2,873 shares during the quarter. Choreo LLC’s holdings in Cummins were worth $1,816,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares during the period. Fisher Asset Management LLC lifted its position in shares of Cummins by 4.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock valued at $619,982,000 after acquiring an additional 103,018 shares during the period. Ontario Teachers Pension Plan Board lifted its position in shares of Cummins by 3.1% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock valued at $342,817,000 after acquiring an additional 43,090 shares during the period. Hotchkis & Wiley Capital Management LLC lifted its position in shares of Cummins by 4.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock valued at $334,933,000 after acquiring an additional 64,365 shares during the period. Finally, Norges Bank bought a new stake in shares of Cummins during the 4th quarter valued at $298,867,000. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated 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 owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated 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 owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CMI. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Truist Financial upped their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Raymond James assumed coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Evercore ISI upped their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. upped their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $299.55.

Cummins Price Performance

Shares of CMI opened at $293.36 on Thursday. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. The business has a 50-day simple moving average of $293.64 and a two-hundred day simple moving average of $286.71. 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 stock has a market cap of $40.13 billion, a PE ratio of 21.48, a PEG ratio of 1.70 and a beta of 0.98.

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

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were paid a $1.82 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.48%. Cummins’s dividend payout ratio is presently 53.29%.

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.