Thoroughbred Financial Services LLC Takes Position in Cummins Inc. (NYSE:CMI)

Thoroughbred Financial Services LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 1,160 shares of the company’s stock, valued at approximately $321,000.

Several other hedge funds also recently modified their holdings of the company. HBK Sorce Advisory LLC increased its position in shares of Cummins by 1.7% during the 2nd quarter. HBK Sorce Advisory LLC now owns 2,933 shares of the company’s stock valued at $812,000 after purchasing an additional 48 shares during the period. Federated Hermes Inc. grew its holdings in shares of Cummins by 43.5% in the 2nd quarter. Federated Hermes Inc. now owns 14,463 shares of the company’s stock worth $4,005,000 after acquiring an additional 4,384 shares during the last quarter. GHP Investment Advisors Inc. grew its holdings in shares of Cummins by 4.6% in the 2nd quarter. GHP Investment Advisors Inc. now owns 17,549 shares of the company’s stock worth $4,860,000 after acquiring an additional 768 shares during the last quarter. Meeder Advisory Services Inc. grew its holdings in shares of Cummins by 23.8% in the 2nd quarter. Meeder Advisory Services Inc. now owns 4,240 shares of the company’s stock worth $1,174,000 after acquiring an additional 816 shares during the last quarter. Finally, PFG Advisors grew its holdings in shares of Cummins by 1.5% in the 2nd quarter. PFG Advisors now owns 5,507 shares of the company’s stock worth $1,525,000 after acquiring an additional 79 shares during 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, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated 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 of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated 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 of the company’s stock, 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.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Truist Financial lifted their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Evercore ISI lifted their price target on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, Raymond James began coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. 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’s stock. According to MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target of $299.55.

Cummins Price Performance

CMI opened at $301.59 on Wednesday. The stock has a market cap of $41.25 billion, a price-to-earnings ratio of 22.08, a PEG ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83. 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 fifty day moving average price of $296.14 and a 200 day moving average price of $287.73.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm earned $5.18 earnings per share. Analysts forecast that Cummins Inc. will post 19.66 EPS for the current fiscal 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 given a $1.82 dividend. The ex-dividend date was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.41%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is currently 53.29%.

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.