Ascent Group LLC Raises Stake in Cummins Inc. (NYSE:CMI)

Ascent Group LLC increased its stake in Cummins Inc. (NYSE:CMI) by 6.8% during the second quarter, according to its most recent filing with the SEC. The fund owned 1,280 shares of the company’s stock after buying an additional 82 shares during the quarter. Ascent Group LLC’s holdings in Cummins were worth $354,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CMI. Beacon Financial Group lifted its holdings in shares of Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after buying an additional 126 shares in the last quarter. KBC Group NV lifted its holdings in shares of Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after buying an additional 57,341 shares in the last quarter. Distillate Capital Partners LLC lifted its holdings in shares of Cummins by 109,309.3% in the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after buying an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Cummins in the second quarter worth about $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after purchasing an additional 21,850 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on CMI shares. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Evercore ISI upped their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Raymond James started coverage on shares of Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Robert W. Baird upped their price objective 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. Finally, Truist Financial increased their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Cummins has an average rating of “Hold” and a consensus target price of $299.55.

Cummins Stock Performance

Shares of Cummins stock opened at $326.33 on Wednesday. The stock’s fifty day moving average is $301.86 and its two-hundred day moving average is $291.07. The company has a market capitalization 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 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 issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate 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 return on equity of 25.73% and a net margin of 5.69%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business earned $5.18 EPS. As a group, analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were issued a $1.82 dividend. 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 an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

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.