Aurora Investment Counsel Sells 2,690 Shares of Cummins Inc. (NYSE:CMI)

Aurora Investment Counsel decreased its stake in Cummins Inc. (NYSE:CMI) by 29.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,403 shares of the company’s stock after selling 2,690 shares during the period. Aurora Investment Counsel’s holdings in Cummins were worth $1,773,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Steward Partners Investment Advisory LLC boosted its position in Cummins by 8.9% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 5,531 shares of the company’s stock valued at $1,325,000 after acquiring an additional 450 shares during the last quarter. California State Teachers Retirement System lifted its stake in Cummins by 1.0% in the fourth quarter. California State Teachers Retirement System now owns 216,277 shares of the company’s stock valued at $51,813,000 after buying an additional 2,044 shares during the period. Campbell & CO Investment Adviser LLC boosted its holdings in shares of Cummins by 80.8% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 2,318 shares of the company’s stock worth $555,000 after buying an additional 1,036 shares in the last quarter. KBC Group NV grew its position in shares of Cummins by 283.2% during the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after buying an additional 57,341 shares during the period. Finally, Jones Financial Companies Lllp increased its stake in shares of Cummins by 54.8% in the 4th quarter. Jones Financial Companies Lllp now owns 633 shares of the company’s stock valued at $152,000 after acquiring an additional 224 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction that occurred 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 completion of 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 Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated 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 transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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 sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of several research analyst reports. 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 note on Monday, August 5th. Citigroup began coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective on the stock. JPMorgan Chase & Co. boosted 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. Evercore ISI upped their price target on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Finally, Robert W. Baird raised their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Trading Down 0.9 %

Shares of Cummins stock opened at $323.47 on Tuesday. The company has a market capitalization of $44.24 billion, a P/E ratio of 23.68, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The stock has a fifty day simple moving average of $301.00 and a 200 day simple moving average of $290.70. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $333.43. 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 (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same quarter in the prior year, the business posted $5.18 EPS. The business’s revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.25%. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is currently 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.