Cummins Inc. (NYSE:CMI) Shares Purchased by Sei Investments Co.

Sei Investments Co. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 124,735 shares of the company’s stock after purchasing an additional 199 shares during the period. Sei Investments Co. owned 0.09% of Cummins worth $34,543,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of CMI. Price T Rowe Associates Inc. MD increased its position in Cummins by 8.2% in 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. Jupiter Asset Management Ltd. acquired a new stake in shares of Cummins in the 2nd quarter worth about $68,018,000. SG Americas Securities LLC lifted its position in Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after purchasing an additional 179,346 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Cummins during the 2nd quarter valued at about $46,607,000. Finally, The Manufacturers Life Insurance Company grew its position in Cummins by 129.3% in the 4th quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after purchasing an additional 167,485 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the business’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 owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, VP Sharon R. Barner sold 4,780 shares of the company’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 completion of the sale, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on 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 transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on CMI shares. Robert W. Baird raised 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. Raymond James began coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup initiated coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. JPMorgan Chase & Co. boosted their price target 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. Finally, Truist Financial increased their price objective on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Two equities research 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, the stock presently has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Stock Performance

CMI opened at $313.52 on Tuesday. 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 $42.88 billion, a PE ratio of 22.95, a P/E/G ratio of 1.70 and a beta of 0.98. The business has a fifty day simple moving average of $298.21 and a 200-day simple moving average of $288.78. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83.

Cummins (NYSE:CMI) last released its quarterly earnings results 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. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $5.18 EPS. As a group, equities analysts predict that Cummins Inc. will post 19.66 EPS 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 given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.32%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio is 53.29%.

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.