Blair William & Co. IL Purchases 961 Shares of Cummins Inc. (NYSE:CMI)

Blair William & Co. IL lifted its position in Cummins Inc. (NYSE:CMI) by 4.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 24,685 shares of the company’s stock after acquiring an additional 961 shares during the period. Blair William & Co. IL’s holdings in Cummins were worth $6,836,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of Cummins in the 2nd quarter worth about $68,018,000. SG Americas Securities LLC increased its stake in shares of Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after acquiring an additional 179,346 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Cummins during the 2nd quarter valued at about $46,607,000. Finally, The Manufacturers Life Insurance Company grew its holdings in Cummins by 129.3% in the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after purchasing an additional 167,485 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of Cummins 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 sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm’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 of the company’s stock, valued at $23,870,722.08. The transaction 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 business’s stock in a transaction 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 owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $308.27 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. The stock has a 50-day simple moving average of $297.72 and a two-hundred day simple moving average of $288.23. The firm has a market capitalization of $42.17 billion, a PE ratio of 22.57, a P/E/G ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83.

Cummins (NYSE:CMI) last released 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 company had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same period in the prior year, the firm posted $5.18 EPS. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 19.66 EPS for the current year.

Cummins Increases Dividend

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

Analysts Set New Price Targets

A number of analysts have recently commented on CMI shares. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Raymond James began coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Citigroup started coverage on shares of Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. Truist Financial increased their price objective on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $299.55.

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.