Cummins Inc. (NYSE:CMI) Stock Holdings Raised by Morse Asset Management Inc

Morse Asset Management Inc grew its stake in Cummins Inc. (NYSE:CMI) by 13.5% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,821 shares of the company’s stock after purchasing an additional 454 shares during the quarter. Morse Asset Management Inc’s holdings in Cummins were worth $1,058,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Bank of Montreal Can raised its position in shares of Cummins by 18.6% during the 2nd quarter. Bank of Montreal Can now owns 323,218 shares of the company’s stock valued at $92,020,000 after acquiring an additional 50,762 shares in the last quarter. Evergreen Capital Management LLC grew its stake in Cummins by 2.5% during the 2nd quarter. Evergreen Capital Management LLC now owns 22,943 shares of the company’s stock worth $6,354,000 after buying an additional 550 shares during the last quarter. Public Sector Pension Investment Board grew its stake in Cummins by 28.0% during the 2nd quarter. Public Sector Pension Investment Board now owns 265,602 shares of the company’s stock worth $73,553,000 after buying an additional 58,117 shares during the last quarter. Fairscale Capital LLC acquired a new stake in Cummins in the second quarter worth $215,000. Finally, Itau Unibanco Holding S.A. bought a new stake in Cummins in the second quarter valued at $67,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

CMI stock opened at $308.24 on Monday. The firm has a 50 day simple moving average of $297.72 and a 200 day simple moving average of $288.45. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The stock has a market cap 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. 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 (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion for 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%. Cummins’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the business posted $5.18 earnings per share. Research analysts anticipate that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.36%. Cummins’s dividend payout ratio is currently 53.29%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Evercore ISI boosted their target price on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Truist Financial boosted their price target 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. Robert W. Baird upped their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Citigroup initiated coverage on Cummins in a research note on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Finally, Barclays upped their price target on shares of Cummins from $259.00 to $310.00 and gave the company 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 issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $299.55.

Insider Activity

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

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.