AQR Capital Management LLC Boosts Position in Cummins Inc. (NYSE:CMI)

AQR Capital Management LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 31.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 616,876 shares of the company’s stock after buying an additional 145,921 shares during the period. AQR Capital Management LLC owned approximately 0.45% of Cummins worth $170,831,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of CMI. CarsonAllaria Wealth Management Ltd. acquired a new stake in Cummins in the second quarter valued at approximately $28,000. Cultivar Capital Inc. bought a new position in Cummins during the second quarter worth $28,000. Lynx Investment Advisory bought a new position in Cummins during the second quarter worth $29,000. LRI Investments LLC bought a new stake in shares of Cummins during the first quarter valued at about $31,000. Finally, JNBA Financial Advisors raised its stake in shares of 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 purchasing an additional 100 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on 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 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 this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on 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 completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Citigroup assumed coverage on shares of Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. JPMorgan Chase & Co. lifted their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Robert W. Baird lifted their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Truist Financial lifted their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Finally, Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $299.55.

Cummins Stock Down 1.9 %

Shares of Cummins stock opened at $317.56 on Thursday. The firm has a market cap of $43.52 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.81 and a beta of 0.98. Cummins Inc. has a one year low of $212.80 and a one year high of $328.10. The stock’s 50-day moving average is $298.69 and its 200 day moving average is $289.17. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $8.33 billion. During the same quarter last year, the company earned $5.18 earnings per share. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.29%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 53.29%.

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.