Itau Unibanco Holding S.A. Makes New $67,000 Investment in Cummins Inc. (NYSE:CMI)

Itau Unibanco Holding S.A. purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 243 shares of the company’s stock, valued at approximately $67,000.

Several other institutional investors and hedge funds also recently made changes to their positions in CMI. Beacon Financial Group increased its holdings in shares of Cummins by 7.0% in the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after purchasing an additional 126 shares in the last quarter. KBC Group NV increased its holdings in Cummins by 283.2% in 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 in the last quarter. Manning & Napier Advisors LLC purchased a new position in Cummins in the 2nd quarter worth about $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after acquiring an additional 21,850 shares during the period. Finally, Duality Advisers LP boosted its holdings in shares of Cummins by 190.3% during the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after acquiring an additional 12,087 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 0.3 %

Shares of NYSE:CMI opened at $308.24 on Monday. The stock has a 50 day moving average of $297.72 and a 200 day moving average of $288.45. The company has a market cap of $42.16 billion, a PE ratio of 22.57, a price-to-earnings-growth ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. 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 quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the business posted $5.18 earnings per share. As a group, equities research analysts expect 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 paid a $1.82 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.36%. Cummins’s dividend payout ratio is 53.29%.

Analyst Ratings Changes

A number of brokerages recently weighed in on CMI. Barclays increased their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Robert W. Baird raised their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Raymond James began coverage on Cummins in a report on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial increased their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. boosted their price target on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $299.55.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business’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 value of $7,474,820.00. Following the transaction, the senior vice president now directly 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 can be accessed through 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 shares were 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 in the company, valued at $23,870,722.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of the company’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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

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.