Cummins Inc. (NYSE:CMI) Stake Raised by Great Lakes Advisors LLC

Great Lakes Advisors LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 116,897 shares of the company’s stock after acquiring an additional 51 shares during the quarter. Great Lakes Advisors LLC’s holdings in Cummins were worth $32,372,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in the business. First United Bank & Trust purchased a new position in Cummins during the fourth quarter valued at approximately $25,000. Private Wealth Management Group LLC acquired a new stake in shares of Cummins during the 4th quarter valued at $26,000. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins during the 2nd quarter valued at $28,000. Cultivar Capital Inc. acquired a new position in shares of Cummins in the second quarter worth $28,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Cummins during the second quarter worth $29,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on CMI shares. Raymond James started coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. TD Cowen boosted their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays upped their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Two 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. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $299.55.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction dated Thursday, August 15th. The shares were 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 owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the firm’s 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 owns 20,873 shares in the company, valued at approximately $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins 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 sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of Cummins stock traded down $3.44 during trading on Friday, reaching $293.21. The company’s stock had a trading volume of 608,819 shares, compared to its average volume of 1,723,766. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The firm has a market cap of $40.11 billion, a price-to-earnings ratio of 21.48, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99. The business’s fifty day moving average price is $292.17 and its 200-day moving average price is $285.88.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the business posted $5.18 EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The business 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. The ex-dividend date of this dividend was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. Cummins’s dividend payout ratio is 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.