Entropy Technologies LP Buys 16,706 Shares of Cummins Inc. $CMI

Entropy Technologies LP boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 379.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 21,106 shares of the company’s stock after buying an additional 16,706 shares during the period. Entropy Technologies LP’s holdings in Cummins were worth $11,355,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Juno Financial Group LLC purchased a new position in shares of Cummins during the 4th quarter worth about $883,000. Truist Financial Corp raised its position in Cummins by 4.8% in the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after purchasing an additional 2,951 shares during the period. Smith Salley Wealth Management raised its position in Cummins by 1,381.8% in the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock worth $11,111,000 after purchasing an additional 20,299 shares during the period. Westfield Capital Management Co. LP bought a new stake in Cummins in the fourth quarter worth about $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. lifted its stake in Cummins by 643.0% in the fourth quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company’s stock worth $3,732,000 after purchasing an additional 6,327 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of NYSE:CMI opened at $663.96 on Friday. The firm’s 50 day simple moving average is $672.19 and its 200-day simple moving average is $619.28. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a one year low of $354.68 and a one year high of $737.76. The firm has a market cap of $91.62 billion, a PE ratio of 34.46, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.96 earnings per share. As a group, equities analysts predict that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is currently 41.52%.

Insider Activity

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. This represents a 29.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 13,579 shares of company stock valued at $9,377,684. Company insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

CMI has been the topic of a number of analyst reports. Citigroup upped their target price on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Truist Financial boosted their price objective on Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. UBS Group reaffirmed a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Wells Fargo & Company increased their target price on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Finally, Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a research report on Friday, May 22nd. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $740.07.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.