Vanguard Personalized Indexing Management LLC Acquires 849 Shares of Cummins Inc. (NYSE:CMI)

Vanguard Personalized Indexing Management LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 4.0% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,949 shares of the company’s stock after buying an additional 849 shares during the quarter. Vanguard Personalized Indexing Management LLC’s holdings in Cummins were worth $6,078,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after buying an additional 35 shares in the last quarter. Albert D Mason Inc. increased its position in shares of Cummins by 0.4% during the 1st quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock worth $2,728,000 after purchasing an additional 37 shares in the last quarter. Greenleaf Trust increased its position in shares of Cummins by 0.5% during the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after purchasing an additional 40 shares in the last quarter. Bangor Savings Bank increased its position in shares of Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares in the last quarter. Finally, Aptus Capital Advisors LLC increased its position in shares of Cummins by 2.6% during the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock worth $453,000 after purchasing an additional 41 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Down 0.4 %

Shares of NYSE CMI opened at $300.53 on Thursday. The firm has a market capitalization of $41.11 billion, a PE ratio of 22.00, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. 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 1 year low of $212.80 and a 1 year high of $322.83. The firm’s 50-day moving average is $296.67 and its 200-day moving average is $287.82.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’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 EPS. Equities analysts expect that Cummins Inc. will post 19.66 EPS for the current 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 paid a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a yield of 2.42%. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 transaction of $7,474,820.00. Following the transaction, 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 owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CMI. Truist Financial increased their target price on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Evercore ISI increased their target price on shares of 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 increased their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Raymond James began coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average 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.