NewEdge Advisors LLC Raises Stock Position in Cummins Inc. $CMI

NewEdge Advisors LLC lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.5% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 101,415 shares of the company’s stock after buying an additional 5,268 shares during the period. NewEdge Advisors LLC’s holdings in Cummins were worth $72,330,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. California State Teachers Retirement System raised its position in Cummins by 71,801.8% in the second quarter. California State Teachers Retirement System now owns 148,240,699 shares of the company’s stock valued at $105,726,749,000 after purchasing an additional 148,034,528 shares during the period. BlackRock Inc. purchased a new stake in shares of Cummins in the second quarter worth about $8,204,241,000. State Street Corp boosted its position in shares of Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after buying an additional 49,628 shares during the period. Geode Capital Management LLC grew its stake in shares of Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

CMI stock opened at $561.99 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52-week low of $390.11 and a 52-week high of $737.76. The stock’s 50 day moving average is $626.71 and its two-hundred day moving average is $626.22. The company has a market capitalization of $77.36 billion, a PE ratio of 28.72, a P/E/G ratio of 1.52 and a beta of 1.23.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The company had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the business posted $6.43 EPS. Analysts predict that Cummins Inc. will post 30.06 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were paid a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of analyst reports. CICC Research began coverage on Cummins in a report on Sunday, August 23rd. They issued an “outperform” rating for the company. Truist Financial set a $894.00 price objective on shares of Cummins in a research report on Wednesday, August 5th. Wells Fargo & Company lifted their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Citigroup boosted their target price on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $764.54.

Cummins Company Profile

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins’ products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.