Umpqua Bank Raises Position in Cummins Inc. (NYSE:CMI)

Umpqua Bank increased its holdings in Cummins Inc. (NYSE:CMI) by 6.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,645 shares of the company’s stock after purchasing an additional 300 shares during the period. Umpqua Bank’s holdings in Cummins were worth $1,286,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its stake in Cummins by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the period. Fisher Asset Management LLC increased its position in Cummins by 4.1% during the 4th quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock worth $619,982,000 after purchasing an additional 103,018 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Cummins by 6.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after purchasing an additional 96,387 shares in the last quarter. Ontario Teachers Pension Plan Board lifted its position in Cummins by 3.1% during the fourth quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock valued at $342,817,000 after buying an additional 43,090 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC lifted its position in Cummins by 4.8% during the fourth quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock valued at $334,933,000 after buying an additional 64,365 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the company’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 transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s 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 completion of 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. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Down 1.2 %

Shares of NYSE:CMI opened at $293.21 on Friday. The firm has a market cap of $40.11 billion, a PE ratio of 21.46, a price-to-earnings-growth ratio of 1.82 and a beta of 0.98. The company has a fifty day simple moving average of $292.17 and a 200 day simple moving average of $286.04. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion during 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 company’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.18 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.48%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is presently 53.29%.

Analyst Ratings Changes

CMI has been the topic of a number of research reports. Raymond James initiated coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. Citigroup started coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. JPMorgan Chase & Co. upped their target price on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Truist Financial raised their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Finally, Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $299.55.

Cummins 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.