Morse Asset Management Inc Buys 454 Shares of Cummins Inc. (NYSE:CMI)

Morse Asset Management Inc raised its stake in shares of Cummins Inc. (NYSE:CMI) by 13.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 3,821 shares of the company’s stock after purchasing an additional 454 shares during the quarter. Morse Asset Management Inc’s holdings in Cummins were worth $1,058,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD boosted its stake in Cummins by 8.2% during 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 buying an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. bought a new stake in Cummins in the second quarter valued at about $68,018,000. SG Americas Securities LLC increased its stake 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 period. Renaissance Technologies LLC acquired a new position in Cummins in the second quarter worth about $46,607,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Cummins by 129.3% during the fourth quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after purchasing an additional 167,485 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.3 %

Shares of NYSE:CMI opened at $308.24 on Monday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The stock has a market cap of $42.16 billion, a price-to-earnings ratio of 22.57, a P/E/G ratio of 1.70 and a beta of 0.98. The company has a 50 day moving average of $297.72 and a 200-day moving average of $288.45. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83.

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 firm 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 quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.18 EPS. On average, sell-side analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 53.29%.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of recent research reports. Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Truist Financial boosted their target price on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Robert W. Baird raised their price target on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Citigroup assumed coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Two 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. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $299.55.

Insider Buying and Selling at Cummins

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

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.