Opal Capital LLC Acquires 2,477 Shares of Cummins Inc. $CMI

Opal Capital LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 490.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,982 shares of the company’s stock after purchasing an additional 2,477 shares during the quarter. Opal Capital LLC’s holdings in Cummins were worth $1,604,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Thompson Investment Management Inc. acquired a new stake in Cummins during the fourth quarter worth approximately $26,000. Activest Wealth Management lifted its stake in Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the period. Cedar Mountain Advisors LLC boosted its holdings in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC bought a new position in shares of Cummins during the 4th quarter worth approximately $27,000. Finally, Key Financial Inc grew its position in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the period. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several research analyst reports. Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Raymond James Financial lifted their price target on shares of Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research note on Tuesday, May 26th. UBS Group reiterated a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. Finally, Morgan Stanley increased their price objective on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $740.07.

Cummins Stock Performance

Shares of CMI stock opened at $642.33 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a 50-day moving average of $671.57 and a 200-day moving average of $621.44. Cummins Inc. has a one year low of $354.68 and a one year high of $737.76. The company has a market cap of $88.63 billion, a P/E ratio of 33.33, a P/E/G ratio of 1.61 and a beta of 1.22.

Cummins (NYSE:CMI) last released 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 period in the previous year, the company earned $5.96 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio is currently 41.52%.

Insider Buying and Selling

In related news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the sale, the vice president directly owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction on Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the sale, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 over the last quarter. Corporate insiders own 0.30% of the company’s stock.

Cummins 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.