Rogco LP Has $470,000 Holdings in Cummins Inc. $CMI

Rogco LP boosted its holdings in Cummins Inc. (NYSE:CMI) by 20.2% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,436 shares of the company’s stock after acquiring an additional 241 shares during the quarter. Rogco LP’s holdings in Cummins were worth $470,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CMI. Olde Wealth Management LLC bought a new position in shares of Cummins in the first quarter valued at approximately $30,000. Accredited Wealth Management LLC purchased a new stake in Cummins in the 1st quarter valued at $31,000. Opal Wealth Advisors LLC bought a new position in Cummins during the 1st quarter valued at $37,000. Richardson Financial Services Inc. purchased a new position in Cummins during the 1st quarter worth $39,000. Finally, Costello Asset Management INC bought a new stake in shares of Cummins in the 1st quarter worth $40,000. 83.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the business’s stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at $12,790,710. The trade was a 17.07% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $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 35,119 shares of company stock worth $14,159,885 in the last three months. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CMI shares. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research report on Wednesday, September 3rd. Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research note on Monday, August 11th. Citigroup increased their price target on Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Finally, Truist Financial boosted their price objective on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $393.57.

Cummins Stock Performance

Shares of CMI opened at $422.60 on Wednesday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $432.50. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The stock’s fifty day moving average price is $396.86 and its two-hundred day moving average price is $343.77. The firm has a market cap of $58.23 billion, a PE ratio of 19.87, a PEG ratio of 2.03 and a beta of 1.02.

Cummins (NYSE:CMI) last posted its quarterly earnings results 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. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the prior year, the company earned $5.26 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. This is a boost 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 annualized dividend and a yield of 1.9%. Cummins’s payout ratio is 37.61%.

Cummins 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.