Chicago Capital LLC Invests $902,000 in Cummins Inc. (NYSE:CMI)

Chicago Capital LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,258 shares of the company’s stock, valued at approximately $902,000.

Other hedge funds have also added to or reduced their stakes in the company. Cultivar Capital Inc. bought a new position in shares of Cummins in the 2nd quarter valued at about $28,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins in the second quarter valued at approximately $28,000. First United Bank & Trust acquired a new position in shares of Cummins during the 4th quarter worth approximately $25,000. Lynx Investment Advisory bought a new stake in shares of Cummins during the 2nd quarter worth approximately $29,000. Finally, LRI Investments LLC acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $31,000. Institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Raymond James initiated coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Truist Financial lifted their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a report on Monday, August 5th. Evercore ISI upped their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. 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 note on Monday, August 5th. Two equities 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 company. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $299.55.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred 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 directly owns 20,873 shares in the company, valued at $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were 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 directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of the 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 owns 20,873 shares in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Cummins Stock Performance

NYSE:CMI opened at $293.21 on Friday. The stock has a 50 day simple moving average of $292.17 and a 200 day simple moving average of $286.04. The stock has a market cap of $40.11 billion, a P/E ratio of 21.46, a PEG ratio of 1.82 and a beta of 0.98. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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 firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. During the same quarter last year, the business earned $5.18 EPS. Research analysts anticipate 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 was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were issued a $1.82 dividend. 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 2.48%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is currently 53.29%.

Cummins Company 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.