Kendall Capital Management Grows Stock Position in Cummins Inc. (NYSE:CMI)

Kendall Capital Management increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,412 shares of the company’s stock after buying an additional 737 shares during the quarter. Kendall Capital Management’s holdings in Cummins were worth $2,053,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in Cummins during the fourth quarter worth about $298,867,000. Price T Rowe Associates Inc. MD increased 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 acquiring an additional 604,735 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new stake in Cummins during the second quarter worth about $68,018,000. SG Americas Securities LLC increased its stake 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 acquiring an additional 179,346 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Cummins during the second quarter worth about $46,607,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on CMI shares. Raymond James started coverage on Cummins in a research note on Friday, June 28th. They set a “market perform” rating for the company. Robert W. Baird increased their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Truist Financial increased their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Barclays increased their target price 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, JPMorgan Chase & Co. increased their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $299.55.

Insiders Place Their Bets

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the 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 transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Cummins news, 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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred 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 transaction, 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 company insiders.

Cummins Trading Down 0.4 %

Shares of CMI opened at $300.53 on Thursday. The company has a market capitalization of $41.11 billion, a P/E ratio of 22.00, a P/E/G ratio of 1.70 and a beta of 0.98. Cummins Inc. has a one year low of $212.80 and a one year 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 stock has a 50-day moving average price of $296.67 and a 200 day moving average price of $287.82.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $5.18 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 19.66 EPS 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 $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 2.42%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 53.29%.

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.