Vanguard Personalized Indexing Management LLC Acquires 3,353 Shares of Cummins Inc. $CMI

Vanguard Personalized Indexing Management LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 11.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,861 shares of the company’s stock after purchasing an additional 3,353 shares during the period. Vanguard Personalized Indexing Management LLC’s holdings in Cummins were worth $10,435,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Olde Wealth Management LLC bought a new stake in shares of Cummins in the 1st quarter worth $30,000. Accredited Wealth Management LLC bought a new stake in shares of Cummins in the 1st quarter worth $31,000. Opal Wealth Advisors LLC bought a new stake in shares of Cummins in the 1st quarter worth $37,000. Richardson Financial Services Inc. bought a new stake in shares of Cummins in 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. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, VP Luther E. Peters sold 4,850 shares of Cummins 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 sale, the vice president directly owned 7,693 shares of the company’s stock, valued at approximately $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 can be accessed through this hyperlink. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 43,119 shares of company stock valued at $17,674,285. Insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $413.28 on Monday. The stock’s 50-day simple moving average is $407.21 and its 200-day simple moving average is $349.70. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51. The company has a market capitalization of $56.94 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 1.99 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 (NYSE:CMI) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating 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 business had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the business earned $5.26 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. As a group, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were given 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 annualized dividend and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CMI. Robert W. Baird lifted their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Weiss Ratings restated a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Finally, Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $397.43.

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.