Uncommon Cents Investing LLC Raises Stake in Cummins Inc. $CMI

Uncommon Cents Investing LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 17.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,460 shares of the company’s stock after buying an additional 372 shares during the quarter. Uncommon Cents Investing LLC’s holdings in Cummins were worth $806,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after acquiring an additional 321,823 shares in the last quarter. Northern Trust Corp raised its position in Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after purchasing an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Cummins by 0.5% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after purchasing an additional 8,487 shares in the last quarter. Raymond James Financial Inc. boosted its position in shares of Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after buying an additional 817,384 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after buying an additional 126,362 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI opened at $418.59 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $432.50. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The firm has a market cap of $57.68 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 2.02 and a beta of 1.02. The stock has a 50 day moving average of $394.06 and a 200-day moving average of $342.33.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion for 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%.The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period last year, the business posted $5.26 earnings per share. As a group, 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 $2.00 dividend. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins’s dividend payout ratio (DPR) is 37.61%.

Analyst Upgrades and Downgrades

Several research firms recently commented on CMI. Barclays boosted their price target on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Truist Financial lifted their price target on shares of Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Finally, Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $393.57.

Insider Transactions at Cummins

In other news, CFO Mark Andrew Smith sold 1,580 shares of the business’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $419.00, for a total transaction of $662,020.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $13,232,858. The trade was a 4.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This represents 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. Corporate insiders own 0.41% of the company’s stock.

Cummins Company 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.