Valmark Advisers Inc. Purchases 47 Shares of Cummins Inc. (NYSE:CMI)

Valmark Advisers Inc. increased its holdings in Cummins Inc. (NYSE:CMI) by 6.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 738 shares of the company’s stock after acquiring an additional 47 shares during the quarter. Valmark Advisers Inc.’s holdings in Cummins were worth $204,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Norges Bank bought a new stake in shares of Cummins in the 4th quarter valued at about $298,867,000. Price T Rowe Associates Inc. MD raised 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 buying an additional 604,735 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Cummins by 1,012.0% during the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after buying an additional 179,346 shares during the period. The Manufacturers Life Insurance Company boosted its position in Cummins by 129.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock valued at $71,153,000 after acquiring an additional 167,485 shares in the last quarter. Finally, Swedbank AB purchased a new position in shares of Cummins in the 1st quarter valued at $44,489,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

NYSE CMI opened at $304.57 on Wednesday. The company has a market cap of $41.66 billion, a price-to-earnings ratio of 22.30, a PEG ratio of 1.82 and a beta of 0.99. 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’s fifty day moving average price is $291.12 and its 200 day moving average price is $285.50. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. During the same period in the prior year, the company earned $5.18 earnings per share. The company’s revenue was up 2.3% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a $1.82 dividend. The ex-dividend date is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.39%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is presently 53.29%.

Insider Buying and Selling

In other Cummins 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 sale, 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 filing with the SEC, which is available through the SEC website. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’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 value of $1,435,673.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s 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 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. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. upped 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. Raymond James initiated coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. TD Cowen lifted their price objective on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Evercore ISI boosted their price objective 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. Finally, StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $299.55.

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.