SkyView Investment Advisors LLC Increases Holdings in Cummins Inc. (NYSE:CMI)

SkyView Investment Advisors LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 12.7% in the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 5,132 shares of the company’s stock after buying an additional 577 shares during the quarter. SkyView Investment Advisors LLC’s holdings in Cummins were worth $1,421,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CMI. Price T Rowe Associates Inc. MD lifted its stake 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 acquiring 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 about $68,018,000. SG Americas Securities LLC boosted its stake in shares of Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $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 second quarter worth about $46,607,000. Finally, The Manufacturers Life Insurance Company lifted 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 buying an additional 167,485 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. Raymond James began coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. upped their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Robert W. Baird raised their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Truist Financial boosted their price objective on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Finally, Citigroup started coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target on the stock. Two investment 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’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $299.55.

Cummins Stock Up 0.5 %

Cummins stock opened at $326.40 on Friday. The stock has a market cap of $44.64 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. 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 fifty day moving average of $300.38 and a 200 day moving average of $290.14. Cummins Inc. has a one year low of $212.80 and a one year high of $333.43.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. Cummins’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.18 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.23%. Cummins’s dividend payout ratio (DPR) is 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.