Cummins Inc. (NYSE:CMI) Shares Bought by NewEdge Advisors LLC

NewEdge Advisors LLC increased its holdings in Cummins Inc. (NYSE:CMI) by 442.9% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 22,080 shares of the company’s stock after buying an additional 18,013 shares during the period. NewEdge Advisors LLC’s holdings in Cummins were worth $6,115,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Beacon Financial Group grew its position in shares of Cummins by 7.0% during the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after acquiring an additional 126 shares during the last quarter. KBC Group NV grew its holdings in Cummins by 283.2% in the 4th 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 increased its position in Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after acquiring an additional 59,027 shares during the period. Manning & Napier Advisors LLC bought a new stake in Cummins during the 2nd quarter valued at $16,329,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after acquiring an additional 21,850 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

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 transaction of $1,435,673.00. Following the completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the 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 owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The shares were 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 $23,870,722.08. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Up 0.8 %

Shares of Cummins stock opened at $326.33 on Wednesday. The company has a market cap of $44.64 billion, a P/E ratio of 23.89, a P/E/G ratio of 1.81 and a beta of 0.98. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $333.43. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a 50-day moving average price of $301.86 and a 200 day moving average price of $291.07.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm posted $5.18 earnings per share. As a group, analysts expect that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were given a dividend of $1.82 per share. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.23%. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CMI. Truist Financial upped their price objective on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Citigroup started 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. Evercore ISI upped their target price on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Robert W. Baird upped their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays lifted their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $299.55.

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.