Cummins Inc. (NYSE:CMI) Shares Purchased by Eldred Rock Partners LLC

Eldred Rock Partners LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 4.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 32,881 shares of the company’s stock after buying an additional 1,285 shares during the quarter. Cummins comprises approximately 3.6% of Eldred Rock Partners LLC’s portfolio, making the stock its 16th biggest holding. Eldred Rock Partners LLC’s holdings in Cummins were worth $10,647,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CMI. Price T Rowe Associates Inc. MD lifted its holdings in shares of Cummins by 8.2% during 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 acquiring an additional 604,735 shares during the period. Jupiter Asset Management Ltd. purchased a new position in Cummins during the second quarter worth approximately $68,018,000. SG Americas Securities LLC boosted its holdings in Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after acquiring an additional 179,346 shares during the last quarter. Renaissance Technologies LLC acquired a new position in shares of Cummins in the 2nd quarter valued at about $46,607,000. Finally, AXA S.A. increased its position in Cummins by 247.5% during the 2nd quarter. AXA S.A. now owns 229,051 shares of the company’s stock worth $63,431,000 after purchasing an additional 163,129 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other 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 completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated 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 owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 4,780 shares of the company’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 completion of the transaction, the vice president now owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Cummins stock traded up $4.39 during midday trading on Friday, hitting $331.74. The company’s stock had a trading volume of 691,513 shares, compared to its average volume of 1,615,336. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $333.43. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $45.38 billion, a PE ratio of 24.29, a price-to-earnings-growth ratio of 1.81 and a beta of 0.98. The stock’s 50-day moving average price is $304.44 and its 200-day moving average price is $291.87.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion for 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%. The business’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same period in the previous year, the firm earned $5.18 EPS. Analysts anticipate that Cummins Inc. will post 19.77 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. 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 annualized dividend and a dividend yield of 2.19%. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CMI. Evercore ISI upped their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Citigroup initiated coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. Raymond James started coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Robert W. Baird lifted their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Barclays lifted their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus price target of $299.55.

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.