Distillate Capital Partners LLC Increases Stock Holdings in Cummins Inc. (NYSE:CMI)

Distillate Capital Partners LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 109,309.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 59,081 shares of the company’s stock after buying an additional 59,027 shares during the period. Distillate Capital Partners LLC’s holdings in Cummins were worth $16,361,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in CMI. Marshall Wace LLP boosted its position in shares of Cummins by 158.8% in the second quarter. Marshall Wace LLP now owns 54,289 shares of the company’s stock worth $15,034,000 after acquiring an additional 33,314 shares during the last quarter. Morse Asset Management Inc boosted its holdings in shares of Cummins by 13.5% in the 2nd quarter. Morse Asset Management Inc now owns 3,821 shares of the company’s stock valued at $1,058,000 after purchasing an additional 454 shares during the last quarter. Bank of Montreal Can grew its stake 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 buying an additional 50,762 shares during the period. Evergreen Capital Management LLC increased its holdings in shares of 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. Finally, Public Sector Pension Investment Board raised its position in shares of Cummins by 28.0% in 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 period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 1.7 %

NYSE:CMI opened at $313.52 on Tuesday. The stock has a market cap of $42.88 billion, a price-to-earnings ratio of 22.95, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The business’s 50-day simple moving average is $298.21 and its 200 day simple moving average is $288.78.

Cummins (NYSE:CMI) last announced its earnings results 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. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period in the prior year, the company posted $5.18 EPS. Cummins’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were issued a dividend of $1.82 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Insider Transactions at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction dated Friday, August 23rd. The shares were 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 owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction 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 completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated 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 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. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on CMI shares. Raymond James initiated coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird lifted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Truist Financial raised their target price on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Finally, Citigroup initiated coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target for the company. Two equities research 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. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Company 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.