Sei Investments Co. Grows Stake in Cummins Inc. $CMI

Sei Investments Co. lifted its stake in Cummins Inc. (NYSE:CMI) by 13.9% in the 1st quarter, Holdings Channel.com reports. The firm owned 129,022 shares of the company’s stock after buying an additional 15,698 shares during the quarter. Sei Investments Co.’s holdings in Cummins were worth $69,418,000 as of its most recent SEC filing.

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

Insider Transactions at Cummins

In other news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of Cummins stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total transaction of $421,294.42. Following the transaction, the vice president owned 9,447 shares in the company, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 13,579 shares of company stock valued at $9,377,684. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price target on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. UBS Group restated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Truist Financial lifted their target price on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Citigroup increased their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Finally, Raymond James Financial raised their price target on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Cummins has an average rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Stock Down 0.2%

Shares of CMI stock opened at $663.96 on Friday. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12 month low of $354.68 and a 12 month high of $737.76. The stock has a market cap of $91.62 billion, a P/E ratio of 34.46, a P/E/G ratio of 1.62 and a beta of 1.22. The company has a 50 day simple moving average of $672.19 and a two-hundred day simple moving average of $619.28.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter last year, the company posted $5.96 EPS. The company’s revenue was up 2.7% compared to the same quarter last year. On average, research analysts expect that Cummins Inc. will post 29.39 earnings per share for the current year.

Cummins Increases Dividend

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

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.