Cummins Inc. $CMI Stock Holdings Increased by Patron Partners LLC

Patron Partners LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 4.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,553 shares of the company’s stock after purchasing an additional 109 shares during the quarter. Patron Partners LLC’s holdings in Cummins were worth $836,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Fox Run Management L.L.C. bought a new stake in shares of Cummins during the 1st quarter worth about $2,749,000. Alpha Cubed Investments LLC bought a new stake in Cummins during the first quarter worth approximately $440,000. Assenagon Asset Management S.A. lifted its position in Cummins by 8.9% in the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after purchasing an additional 1,114 shares during the period. Invesco Ltd. boosted its stake in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after purchasing an additional 126,362 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its stake in Cummins by 19.1% during the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock valued at $2,428,000 after purchasing an additional 1,241 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Citigroup boosted their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday. Truist Financial increased their target price on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $393.57.

Insider Buying and Selling at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares in the company, 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 document filed with the SEC, which is available through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares in the company, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock worth $14,159,885 over the last 90 days. 0.41% of the stock is currently owned by insiders.

Cummins Trading Down 1.0%

Cummins stock opened at $413.99 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $432.50. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The firm has a market capitalization of $57.04 billion, a price-to-earnings ratio of 19.46, a P/E/G ratio of 2.02 and a beta of 1.02. The company has a 50 day moving average price of $392.70 and a 200 day moving average price of $341.63.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the company posted $5.26 EPS. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This is an increase from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is 37.61%.

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.