Truvestments Capital LLC boosted its position in Cummins Inc. (NYSE:CMI – Free Report) by 19.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,329 shares of the company’s stock after acquiring an additional 545 shares during the period. Truvestments Capital LLC’s holdings in Cummins were worth $1,043,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in CMI. Olde Wealth Management LLC bought a new position in Cummins in the first quarter valued at about $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins during the 1st quarter worth $31,000. Capital A Wealth Management LLC acquired a new stake in Cummins during the 4th quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in Cummins during the 1st quarter worth $37,000. Finally, Richardson Financial Services Inc. acquired a new stake in Cummins during the 1st quarter worth $39,000. Institutional investors own 83.46% of the company’s stock.
Insider Activity
In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Robert Enright sold 1,860 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,039 shares of company stock valued at $10,385,075. 0.41% of the stock is owned by insiders.
Cummins Stock Up 0.6%
Cummins (NYSE:CMI – Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $5.26 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.
Cummins Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, August 22nd. This is a boost from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 2.0%. Cummins’s dividend payout ratio is currently 37.61%.
Analyst Ratings Changes
CMI has been the topic of several analyst reports. Wells Fargo & Company raised Cummins to an “overweight” rating in a research note on Monday, August 11th. JPMorgan Chase & Co. increased their target price on Cummins from $308.00 to $320.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Finally, Robert W. Baird increased their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Seven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Cummins has a consensus rating of “Hold” and an average target price of $370.83.
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.
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