AlTi Global Inc. Lowers Stock Position in Cummins Inc. (NYSE:CMI)

AlTi Global Inc. cut its position in shares of Cummins Inc. (NYSE:CMI) by 9.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,320 shares of the company’s stock after selling 458 shares during the quarter. AlTi Global Inc.’s holdings in Cummins were worth $1,196,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CMI. Point72 Asia Singapore Pte. Ltd. grew its holdings in shares of Cummins by 452.8% in the second quarter. Point72 Asia Singapore Pte. Ltd. now owns 2,731 shares of the company’s stock valued at $756,000 after acquiring an additional 2,237 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in shares of Cummins by 54.8% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 26,199 shares of the company’s stock valued at $7,255,000 after purchasing an additional 9,276 shares during the last quarter. Distillate Capital Partners LLC raised its stake in shares of Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after purchasing an additional 59,027 shares during the period. Marshall Wace LLP boosted its holdings in shares of Cummins by 158.8% in the 2nd quarter. Marshall Wace LLP now owns 54,289 shares of the company’s stock worth $15,034,000 after buying an additional 33,314 shares during the last quarter. Finally, Morse Asset Management Inc grew its position in Cummins by 13.5% during the second quarter. Morse Asset Management Inc now owns 3,821 shares of the company’s stock valued at $1,058,000 after buying an additional 454 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Trading Down 1.9 %

Cummins stock opened at $317.56 on Thursday. The stock has a market cap of $43.52 billion, a P/E ratio of 23.25, a PEG ratio of 1.81 and a beta of 0.98. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $328.10. The firm’s fifty day moving average price is $298.69 and its 200-day moving average price is $289.17. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion during 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 company’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. Equities research analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.29%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is 53.29%.

Insider Transactions at Cummins

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

Analyst Ratings Changes

A number of research analysts have weighed in on CMI shares. Truist Financial boosted their target price on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Barclays increased their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Citigroup started coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Raymond James initiated coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note 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 company has an average 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.