Cummins Inc. $CMI Shares Acquired by Tectonic Advisors LLC

Tectonic Advisors LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 13.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,166 shares of the company’s stock after acquiring an additional 369 shares during the quarter. Tectonic Advisors LLC’s holdings in Cummins were worth $1,037,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Vanguard Group Inc. lifted its stake in shares of Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after buying an additional 321,823 shares in the last quarter. Northern Trust Corp lifted its position in shares of Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after buying an additional 22,202 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Cummins by 0.5% during the 1st 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 buying an additional 8,487 shares during the last quarter. Raymond James Financial Inc. raised its position in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after purchasing an additional 817,384 shares during the last quarter. Finally, Invesco Ltd. raised its position in Cummins by 11.6% in 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 during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 2.3%

Shares of CMI opened at $426.20 on Friday. The stock’s fifty day simple moving average is $406.06 and its 200-day simple moving average is $348.80. The firm has a market capitalization of $58.73 billion, a PE ratio of 20.04, a price-to-earnings-growth ratio of 2.11 and a beta of 1.04. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51.

Cummins (NYSE:CMI) 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. 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 analysts’ expectations of $8.45 billion. During the same period in the prior year, the firm earned $5.26 earnings per share. Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

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

Insider Activity

In other news, VP Luther E. Peters sold 4,850 shares of the company’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 value of $1,887,571.50. Following the completion of the transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $13,873,972.60. The trade was a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CMI shares. Barclays boosted their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research report on Saturday, September 27th. Citigroup raised their price objective on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research note on Tuesday, September 23rd. Finally, Robert W. Baird raised their price objective on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. Ten 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. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $397.43.

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.