Kimelman & Baird LLC Purchases New Position in Cummins Inc. (NYSE:CMI)

Kimelman & Baird LLC acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm acquired 300 shares of the company’s stock, valued at approximately $83,000.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Quarry LP purchased a new position in shares of Cummins during the second quarter valued at $88,000. Sunbelt Securities Inc. lifted its stake in Cummins by 33.4% in the second quarter. Sunbelt Securities Inc. now owns 4,808 shares of the company’s stock worth $1,331,000 after acquiring an additional 1,205 shares during the period. NewEdge Advisors LLC grew its holdings in Cummins by 442.9% during the 2nd quarter. NewEdge Advisors LLC now owns 22,080 shares of the company’s stock worth $6,115,000 after acquiring an additional 18,013 shares in the last quarter. Silver Lake Advisory LLC increased its position in Cummins by 8.8% during the 2nd quarter. Silver Lake Advisory LLC now owns 1,628 shares of the company’s stock valued at $451,000 after purchasing an additional 132 shares during the period. Finally, Copperwynd Financial LLC raised its holdings in shares of Cummins by 4.3% in the 2nd quarter. Copperwynd Financial LLC now owns 2,904 shares of the company’s stock valued at $847,000 after purchasing an additional 121 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Activity

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’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 value 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 sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The stock was 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 in the company, valued at $23,870,722.08. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Performance

CMI opened at $323.47 on Tuesday. The firm’s 50-day moving average price is $301.00 and its 200-day moving average price is $290.70. The company has a market cap of $44.24 billion, a P/E ratio of 23.68, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $333.43.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $5.18 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is presently 53.29%.

Analysts Set New Price Targets

CMI has been the topic of a number of recent research reports. Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. lifted their price target on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Raymond James initiated coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Robert W. Baird lifted their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Finally, 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 report on Monday, August 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus price target of $299.55.

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.