Ensign Peak Advisors Inc Has $15.61 Million Position in Cummins Inc. (NYSE:CMI)

Ensign Peak Advisors Inc lessened its position in Cummins Inc. (NYSE:CMI) by 1.8% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 56,374 shares of the company’s stock after selling 1,020 shares during the period. Ensign Peak Advisors Inc’s holdings in Cummins were worth $15,612,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins in the second quarter valued at about $28,000. Cultivar Capital Inc. bought a new position in shares of Cummins in the second quarter valued at approximately $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins in the 2nd quarter worth approximately $29,000. LRI Investments LLC bought a new stake in Cummins during the 1st quarter worth approximately $31,000. Finally, JNBA Financial Advisors increased its holdings in Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins 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 sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’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 transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, 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. 0.56% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CMI shares. Robert W. Baird increased their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Raymond James started coverage on shares of Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Evercore ISI increased their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Finally, Barclays upped their price objective on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” 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 assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $299.55.

Cummins Stock Performance

Shares of NYSE:CMI opened at $313.52 on Tuesday. The firm’s 50 day simple moving average is $298.21 and its 200 day simple moving average is $288.78. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The company has a market capitalization of $42.88 billion, a price-to-earnings ratio of 22.95, a P/E/G ratio of 1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business posted $5.18 EPS. As a group, sell-side analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current 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 issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.32%. The ex-dividend date was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. 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.