Scientech Research LLC Acquires Shares of 10,922 Cummins Inc. (NYSE:CMI)

Scientech Research LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, HoldingsChannel reports. The firm acquired 10,922 shares of the company’s stock, valued at approximately $3,025,000. Cummins comprises approximately 0.6% of Scientech Research LLC’s portfolio, making the stock its 11th largest holding.

Other large investors have also bought and sold shares of the company. Beacon Financial Group lifted its stake in Cummins by 7.0% during the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after acquiring an additional 126 shares in the last quarter. KBC Group NV raised its stake in shares of Cummins by 283.2% during the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after purchasing an additional 57,341 shares during the period. 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. Manning & Napier Advisors LLC bought a new stake in shares of Cummins during the 2nd quarter worth $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after purchasing an additional 21,850 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Raymond James assumed coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial lifted their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $299.55.

Cummins Stock Up 2.2 %

CMI stock opened at $324.51 on Friday. 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 capitalization of $44.39 billion, a PE ratio of 23.76, a PEG ratio of 1.81 and a beta of 0.98. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $333.43. The stock has a 50-day simple moving average of $299.67 and a two-hundred day simple moving average of $289.61.

Cummins (NYSE:CMI) last posted its 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%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.18 EPS. On average, equities analysts predict that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Increases Dividend

The business 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 2.24%. The ex-dividend date was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is presently 53.29%.

Insider Buying and Selling at Cummins

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

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.