Cummins Inc. (NYSE:CMI) Shares Purchased by Ranch Capital Advisors Inc.

Ranch Capital Advisors Inc. grew its position in shares of Cummins Inc. (NYSE:CMI) by 1.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,096 shares of the company’s stock after purchasing an additional 54 shares during the quarter. Ranch Capital Advisors Inc.’s holdings in Cummins were worth $1,411,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Canada Pension Plan Investment Board grew its position in shares of Cummins by 44.5% during the second quarter. Canada Pension Plan Investment Board now owns 145,309 shares of the company’s stock worth $40,240,000 after acquiring an additional 44,762 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its position in Cummins by 2.5% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 28,999 shares of the company’s stock worth $8,031,000 after purchasing an additional 707 shares during the last quarter. Ieq Capital LLC increased its stake in Cummins by 13.9% in the second quarter. Ieq Capital LLC now owns 7,078 shares of the company’s stock valued at $1,960,000 after purchasing an additional 865 shares during the period. Kendall Capital Management grew its holdings in shares of Cummins by 11.0% during the second quarter. Kendall Capital Management now owns 7,412 shares of the company’s stock worth $2,053,000 after buying an additional 737 shares during the last quarter. Finally, Seven Eight Capital LP acquired a new position in Cummins in the 2nd quarter valued at about $479,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 2.9 %

Cummins stock opened at $309.22 on Friday. The firm has a market capitalization of $42.30 billion, a price-to-earnings ratio of 22.64, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The stock’s fifty day moving average is $297.25 and its two-hundred day moving average is $287.97.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same quarter in the previous year, the business posted $5.18 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts predict 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. Stockholders of record on Friday, August 23rd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.35%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s payout ratio is 53.29%.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction 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 sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the firm’s 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 sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the SEC, 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 completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CMI. JPMorgan Chase & Co. lifted their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Raymond James began coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Robert W. Baird lifted their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Finally, Barclays lifted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price 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.