Silver Lake Advisory LLC Has $451,000 Position in Cummins Inc. (NYSE:CMI)

Silver Lake Advisory LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 8.8% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 1,628 shares of the company’s stock after purchasing an additional 132 shares during the period. Silver Lake Advisory LLC’s holdings in Cummins were worth $451,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of Cummins by 0.7% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after buying an additional 35 shares during the last quarter. Fidelis Capital Partners LLC boosted its holdings in Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock valued at $340,000 after purchasing an additional 38 shares during the period. Greenleaf Trust grew its position in Cummins by 0.5% in the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after purchasing an additional 40 shares during the last quarter. Bangor Savings Bank increased its holdings in shares of Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares during the period. Finally, Aptus Capital Advisors LLC raised its position in shares of Cummins by 2.6% during the second quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock valued at $453,000 after buying an additional 41 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on CMI shares. Raymond James began coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating on the stock. Truist Financial upped 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. Citigroup began 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. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Evercore ISI raised their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus price target of $299.55.

Cummins Price Performance

Shares of Cummins stock opened at $326.40 on Monday. The stock has a market capitalization of $44.64 billion, a price-to-earnings ratio of 23.89, a P/E/G ratio of 1.81 and a beta of 0.98. The firm’s 50-day moving average price is $300.38 and its two-hundred day moving average price is $290.28. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $333.43.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 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 business had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period in the prior year, the company earned $5.18 EPS. Cummins’s revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Increases Dividend

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

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm’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 completion of the sale, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction 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 transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction 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 sale, the vice president now 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. 0.56% of the stock is owned by corporate insiders.

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.