Verity & Verity LLC Boosts Holdings in Cummins Inc. (NYSE:CMI)

Verity & Verity LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 0.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,537 shares of the company’s stock after purchasing an additional 61 shares during the period. Verity & Verity LLC’s holdings in Cummins were worth $9,010,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In related news, 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 directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, 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 transaction of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction of $7,474,820.00. Following 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 disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on CMI shares. Evercore ISI raised their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. raised their price objective on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Robert W. Baird lifted 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. Finally, Raymond James assumed coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. 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 data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average target price of $299.55.

Cummins Trading Up 0.8 %

Cummins stock opened at $326.33 on Wednesday. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $333.43. The stock has a market capitalization 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 firm has a 50 day simple moving average of $301.86 and a 200-day simple moving average of $291.07. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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 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 business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $5.18 EPS. As a group, equities research analysts expect that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors 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 yield of 2.23%. Cummins’s dividend payout ratio (DPR) 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.