Verity & Verity LLC Purchases 61 Shares of Cummins Inc. (NYSE:CMI)

Verity & Verity LLC increased its position in Cummins Inc. (NYSE:CMI) by 0.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,537 shares of the company’s stock after acquiring an additional 61 shares during the quarter. Verity & Verity LLC’s holdings in Cummins were worth $9,010,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Beacon Financial Group lifted its position in shares of Cummins by 7.0% during the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after purchasing an additional 126 shares during the last quarter. KBC Group NV increased its position in Cummins by 283.2% during the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after acquiring an additional 57,341 shares during the period. Distillate Capital Partners LLC grew its position in Cummins by 109,309.3% in 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 last quarter. Manning & Napier Advisors LLC bought a new position in shares of Cummins during the 2nd quarter worth about $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Cummins by 13.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after buying an additional 21,850 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Up 0.8 %

NYSE CMI opened at $326.33 on Wednesday. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $333.43. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The stock’s 50 day moving average price is $301.86 and its two-hundred day moving average price is $291.07. The stock has a market capitalization of $44.64 billion, a price-to-earnings ratio of 23.89, a PEG ratio of 1.81 and a beta of 0.98.

Cummins (NYSE:CMI) last announced its quarterly earnings data 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. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter in the prior year, the business posted $5.18 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, August 23rd. Cummins’s payout ratio is currently 53.29%.

Insider Transactions at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’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 transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were 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 in the company, valued at $6,269,205.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction, 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. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Truist Financial boosted their price target on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Citigroup assumed coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. Raymond James initiated coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, Robert W. Baird increased their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average 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.