Ensign Peak Advisors Inc Decreases Stake in Cummins Inc. (NYSE:CMI)

Ensign Peak Advisors Inc lowered its position in Cummins Inc. (NYSE:CMI) by 1.8% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,374 shares of the company’s stock after selling 1,020 shares during the period. Ensign Peak Advisors Inc’s holdings in Cummins were worth $15,612,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the company. Cultivar Capital Inc. purchased a new position in Cummins in the 2nd quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the 2nd quarter worth $28,000. Lynx Investment Advisory acquired a new position in shares of Cummins in the 2nd quarter valued at about $29,000. LRI Investments LLC purchased a new stake in Cummins during the first quarter worth approximately $31,000. Finally, JNBA Financial Advisors increased its holdings in Cummins by 1,111.1% in the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CMI. Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research report on Monday, August 5th. Raymond James started coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Finally, Evercore ISI increased their target price 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 assigned a buy rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Hold” and a consensus target price of $299.55.

Cummins Trading Up 1.7 %

Shares of NYSE CMI opened at $313.52 on Tuesday. 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 market cap of $42.88 billion, a price-to-earnings ratio of 22.95, a PEG 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 business has a 50 day simple moving average of $298.21 and a 200 day simple moving average of $288.78.

Cummins (NYSE:CMI) last posted 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 company had revenue of $8.80 billion for 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 business’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the company earned $5.18 earnings per share. On average, research analysts predict that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given 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 2.32%. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, SVP Tony Satterthwaite sold 24,250 shares of the 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 sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

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.