Kayne Anderson Rudnick Investment Management LLC Purchases 4,283 Shares of Cummins Inc. (NYSE:CMI)

Kayne Anderson Rudnick Investment Management LLC raised its position in Cummins Inc. (NYSE:CMI) by 244.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 6,034 shares of the company’s stock after acquiring an additional 4,283 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Cummins were worth $1,671,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Price T Rowe Associates Inc. MD lifted its stake in shares of Cummins by 8.2% in the 1st 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 during the period. Jupiter Asset Management Ltd. bought a new stake in shares of Cummins during the 2nd quarter valued at $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 purchasing an additional 179,346 shares in the last quarter. Renaissance Technologies LLC bought a new position in Cummins in the 2nd quarter worth $46,607,000. Finally, The Manufacturers Life Insurance Company lifted its position in Cummins by 129.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock valued at $71,153,000 after purchasing an additional 167,485 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on CMI shares. Truist Financial raised their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Citigroup assumed coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target for the company. Robert W. Baird raised their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Barclays upped their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Two research 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’s stock. According to data from MarketBeat, Cummins presently has a consensus rating of “Hold” and a consensus price target of $299.55.

Insider Activity at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value 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 approximately $23,870,722.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’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 completion of the sale, 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 filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’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 transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is owned by insiders.

Cummins Stock Up 1.7 %

Shares of CMI stock opened at $313.52 on Tuesday. The company’s fifty day simple moving average is $298.21 and its two-hundred day simple moving average is $288.78. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The stock has a market cap of $42.88 billion, a P/E ratio of 22.95, a PEG ratio of 1.70 and a beta of 0.98. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The company had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s revenue was up 2.3% on a year-over-year basis. During the same period in the prior year, the company earned $5.18 earnings per share. Analysts predict that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The firm 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 annualized dividend and a yield of 2.32%. The ex-dividend date was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio 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.