Federated Hermes Inc. Has $4.01 Million Holdings in Cummins Inc. (NYSE:CMI)

Federated Hermes Inc. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 43.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,463 shares of the company’s stock after acquiring an additional 4,384 shares during the quarter. Federated Hermes Inc.’s holdings in Cummins were worth $4,005,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in CMI. CarsonAllaria Wealth Management Ltd. acquired a new position in Cummins during the 2nd quarter worth $28,000. Cultivar Capital Inc. bought a new stake in Cummins during the 2nd quarter valued at approximately $28,000. Lynx Investment Advisory bought a new stake in Cummins during the 2nd quarter valued at approximately $29,000. LRI Investments LLC acquired a new stake in Cummins in the 1st quarter valued at approximately $31,000. Finally, JNBA Financial Advisors lifted its holdings in shares of 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 buying an additional 100 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CMI. 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 research report on Friday, August 2nd. Robert W. Baird upped their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Evercore ISI increased their target price on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, Citigroup started coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective for the company. 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 company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $299.55.

Insider Buying and Selling at Cummins

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

Cummins Stock Down 0.4 %

Shares of NYSE CMI opened at $300.53 on Thursday. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The business has a fifty day moving average of $296.67 and a two-hundred day moving average of $287.82. The stock has a market cap of $41.11 billion, a PE ratio of 22.00, a PEG ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion during 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 firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the firm posted $5.18 EPS. As a group, equities research analysts expect that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.42%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is currently 53.29%.

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.