Angeles Investment Advisors LLC Takes Position in Cummins Inc. (NYSE:CMI)

Angeles Investment Advisors LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 834 shares of the company’s stock, valued at approximately $231,000.

Other hedge funds also recently modified their holdings of 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 during the second quarter worth about $28,000. Lynx Investment Advisory bought a new position in Cummins during the second quarter worth about $29,000. LRI Investments LLC bought a new position in Cummins during the first quarter worth about $31,000. Finally, JNBA Financial Advisors grew its holdings in Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares during the period. Institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CMI. 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. JPMorgan Chase & Co. lifted their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Raymond James started coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating for the company. Robert W. Baird boosted their price objective on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Evercore ISI boosted their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $299.55.

Cummins Stock Down 0.4 %

NYSE CMI opened at $301.07 on Tuesday. 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 Inc. has a 1-year low of $212.80 and a 1-year high of $322.83. The company has a 50 day moving average of $295.49 and a 200-day moving average of $287.51. The company has a market cap of $41.18 billion, a price-to-earnings ratio of 22.04, a PEG ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last released its quarterly earnings results 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 net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the business earned $5.18 earnings per share. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. On average, equities research analysts expect that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were given a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.42%. The ex-dividend date was Friday, August 23rd. Cummins’s payout ratio is currently 53.29%.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The sale was disclosed in a document filed with the SEC, which can be accessed 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 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 directly owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred 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 transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The disclosure for this sale can be found here. Company 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.