Cummins Inc. (NYSE:CMI) Shares Acquired by Distillate Capital Partners LLC

Distillate Capital Partners LLC increased its stake in shares of Cummins Inc. (NYSE:CMI) by 109,309.3% in the second quarter, Holdings Channel.com reports. The institutional investor owned 59,081 shares of the company’s stock after acquiring an additional 59,027 shares during the period. Distillate Capital Partners LLC’s holdings in Cummins were worth $16,361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently added to or reduced their stakes in CMI. Atlantic Edge Private Wealth Management LLC increased its holdings in shares of Cummins by 0.7% in the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after acquiring an additional 35 shares during the period. Fidelis Capital Partners LLC raised its holdings in shares of Cummins by 3.4% during the second quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock valued at $340,000 after buying an additional 38 shares during the last quarter. Greenleaf Trust boosted its position in shares of Cummins by 0.5% during the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after buying an additional 40 shares during the period. Bangor Savings Bank grew its holdings in Cummins by 39.2% in the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after buying an additional 40 shares in the last quarter. Finally, Aptus Capital Advisors LLC increased its position in Cummins by 2.6% in the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock valued at $453,000 after acquiring an additional 41 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Analysts Set New Price Targets

A number of brokerages have issued reports on CMI. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Truist Financial raised their target price on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. Raymond James assumed coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Citigroup initiated coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Finally, JPMorgan Chase & Co. increased their price target on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $299.55.

Cummins Stock Up 1.7 %

CMI stock opened at $313.52 on Tuesday. The company’s 50 day simple moving average is $298.21 and its 200-day simple moving average is $288.78. 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 current ratio of 1.34 and a quick ratio of 0.82. The firm has a market capitalization of $42.88 billion, a P/E ratio of 22.95, a P/E/G ratio of 1.70 and a beta of 0.98.

Cummins (NYSE:CMI) last announced its 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. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the business earned $5.18 EPS. The company’s revenue was up 2.3% on a year-over-year basis. As a group, equities research analysts anticipate that Cummins Inc. will post 19.66 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.32%. The ex-dividend date was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 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.