Weaver C. Barksdale & Associates Inc. Has $2.07 Million Stake in Cummins Inc. (NYSE:CMI)

Weaver C. Barksdale & Associates Inc. lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 1.7% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 7,461 shares of the company’s stock after selling 130 shares during the period. Cummins makes up 2.0% of Weaver C. Barksdale & Associates Inc.’s investment portfolio, making the stock its 17th biggest holding. Weaver C. Barksdale & Associates Inc.’s holdings in Cummins were worth $2,066,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares during the period. Fisher Asset Management LLC raised its holdings in shares of Cummins by 4.1% during the fourth quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company’s stock worth $619,982,000 after acquiring an additional 103,018 shares during the period. Dimensional Fund Advisors LP lifted its holdings in shares of Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after purchasing an additional 26,977 shares in the last quarter. Hotchkis & Wiley Capital Management LLC boosted its position in Cummins by 4.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after acquiring an additional 64,365 shares during the last quarter. Finally, Nordea Investment Management AB increased its stake in Cummins by 5.6% in the 1st quarter. Nordea Investment Management AB now owns 911,720 shares of the company’s stock valued at $268,492,000 after buying an additional 48,211 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on CMI. Truist Financial upped their price objective on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Raymond James initiated coverage on Cummins in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. Citigroup assumed coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price target on the stock. Evercore ISI lifted their price objective 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 increased their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $299.55.

Insider Transactions at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction on 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 completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 value of $7,474,820.00. Following the sale, the senior vice president now directly 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 this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the company’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 value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Stock Up 2.9 %

CMI opened at $309.22 on Friday. 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 firm’s fifty day moving average is $297.25 and its 200 day moving average is $287.97. The stock has a market cap 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.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.18 EPS. On average, sell-side analysts forecast 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 dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 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.