Strong Tower Advisory Services Buys 432 Shares of Cummins Inc. $CMI

Strong Tower Advisory Services boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 5.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,024 shares of the company’s stock after acquiring an additional 432 shares during the quarter. Strong Tower Advisory Services’ holdings in Cummins were worth $2,955,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Fox Run Management L.L.C. bought a new stake in Cummins during the first quarter worth approximately $2,749,000. Alpha Cubed Investments LLC purchased a new stake in shares of Cummins in the first quarter worth approximately $440,000. Assenagon Asset Management S.A. lifted its stake in shares of Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after acquiring an additional 1,114 shares during the last quarter. Invesco Ltd. boosted its holdings 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 acquiring an additional 126,362 shares during the period. Finally, Artemis Investment Management LLP grew its position in Cummins by 19.1% in the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock valued at $2,428,000 after acquiring an additional 1,241 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Cummins Stock Down 3.1%

Shares of NYSE CMI opened at $413.28 on Friday. The stock has a 50 day moving average price of $407.21 and a 200 day moving average price of $349.37. 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 $56.95 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 2.06 and a beta of 1.04. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $440.51.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The company 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%.Cummins’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.26 earnings per share. Sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share 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 issued a dividend of $2.00 per share. This is an increase 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%. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research report on Monday, August 11th. Barclays lifted their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research report on Saturday, September 27th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $397.43.

Insider Activity at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the company’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares in the company, valued at $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock valued at $17,674,285 over the last 90 days. Insiders own 0.41% of the company’s stock.

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.