Cummins Inc. (NYSE:CMI) Shares Acquired by Ieq Capital LLC

Ieq Capital LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 13.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,078 shares of the company’s stock after purchasing an additional 865 shares during the period. Ieq Capital LLC’s holdings in Cummins were worth $1,960,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also modified their holdings of the company. Cultivar Capital Inc. purchased a new stake in Cummins during the 2nd quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the 2nd quarter valued at about $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the 2nd quarter valued at about $29,000. LRI Investments LLC purchased a new position in shares of Cummins in the 1st quarter valued at about $31,000. Finally, JNBA Financial Advisors increased its holdings in shares of Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. Truist Financial increased their price objective on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Evercore ISI upped their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird upped their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $299.55.

Insider Activity at Cummins

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 stock was sold at an average price of $300.35, for a total value 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 approximately $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction 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 owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on 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 transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Down 0.3 %

CMI opened at $308.24 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The business has a 50 day simple moving average of $297.72 and a 200-day simple moving average of $288.45. The stock has a market capitalization of $42.16 billion, a P/E ratio of 22.57, a P/E/G ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. The business 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 company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $5.18 EPS. On average, equities analysts anticipate that Cummins Inc. will post 19.66 earnings per share for the current fiscal 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 $1.82 dividend. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.36%. The ex-dividend date was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

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.