The Manufacturers Life Insurance Company Sells 9,149 Shares of Cummins Inc. (NYSE:CMI)

The Manufacturers Life Insurance Company cut its position in shares of Cummins Inc. (NYSE:CMI) by 3.1% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 282,122 shares of the company’s stock after selling 9,149 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Cummins were worth $78,128,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins during the second quarter valued at approximately $28,000. Cultivar Capital Inc. purchased a new position in Cummins during the second quarter valued at $28,000. Lynx Investment Advisory purchased a new position in Cummins during the second quarter valued at $29,000. LRI Investments LLC purchased a new position in Cummins during the first quarter valued at $31,000. Finally, JNBA Financial Advisors raised its stake in Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after buying an additional 100 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on CMI. Robert W. Baird lifted their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. lifted 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. Truist Financial lifted their price objective on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Citigroup began coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target for the company. Finally, Raymond James began coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $299.55.

Cummins Stock Up 0.5 %

Cummins stock opened at $326.40 on Friday. The stock has a market cap of $44.64 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. 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 Inc. has a one year low of $212.80 and a one year high of $333.43. The stock has a fifty day moving average of $300.38 and a 200 day moving average of $290.14.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates 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%. Cummins’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $5.18 earnings per share. As a group, sell-side analysts predict that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The business also recently declared 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 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is currently 53.29%.

Insider Buying and Selling at Cummins

In other Cummins 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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a filing 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 business’s stock in a transaction dated 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 sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s 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 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. 0.56% of the stock is currently owned by corporate insiders.

Cummins 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.