2,000 Shares in Cummins Inc. (NYSE:CMI) Acquired by Greenline Partners LLC

Greenline Partners LLC purchased a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 2,000 shares of the company’s stock, valued at approximately $545,000.

Several other hedge funds have also recently bought and sold shares of CMI. Frank Rimerman Advisors LLC increased its position in shares of Cummins by 26,576.9% during the 2nd quarter. Frank Rimerman Advisors LLC now owns 3,468 shares of the company’s stock worth $960,000 after purchasing an additional 3,455 shares in the last quarter. Hancock Whitney Corp boosted its position in Cummins by 7.5% in the second quarter. Hancock Whitney Corp now owns 5,988 shares of the company’s stock valued at $1,658,000 after buying an additional 420 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC grew its stake in Cummins by 244.6% during the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 6,034 shares of the company’s stock worth $1,671,000 after buying an additional 4,283 shares during the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Cummins by 11.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 31,394 shares of the company’s stock worth $8,694,000 after buying an additional 3,200 shares in the last quarter. Finally, Ranch Capital Advisors Inc. raised its stake in shares of Cummins by 1.1% in the second quarter. Ranch Capital Advisors Inc. now owns 5,096 shares of the company’s stock valued at $1,411,000 after acquiring an additional 54 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Raymond James started coverage on Cummins in a research report on Friday, June 28th. They set 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 target price on the stock. Robert W. Baird raised their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Finally, Evercore ISI raised their price objective on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Two 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 company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $299.55.

Cummins Price Performance

CMI opened at $308.24 on Friday. The company has a fifty day moving average price of $297.72 and a two-hundred day moving average price of $288.34. The firm has a market capitalization of $42.16 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. 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 announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping 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 business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the firm earned $5.18 earnings per share. The firm’s quarterly revenue was up 2.3% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.36%. This is an increase from Cummins’s previous quarterly dividend of $1.68. 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, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated 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 transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’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 transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred 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 disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

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.