ProShare Advisors LLC Acquires 2,759 Shares of Cummins Inc. $CMI

ProShare Advisors LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 13.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,795 shares of the company’s stock after buying an additional 2,759 shares during the quarter. ProShare Advisors LLC’s holdings in Cummins were worth $7,793,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Orca Wealth Management LLC grew its holdings in Cummins by 0.6% in the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after purchasing an additional 28 shares during the period. V Square Quantitative Management LLC lifted its holdings in shares of Cummins by 1.0% during the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock valued at $1,076,000 after purchasing an additional 31 shares during the last quarter. Bank of Jackson Hole Trust boosted its position in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after purchasing an additional 33 shares in the last quarter. Scotia Capital Inc. grew its stake in shares of Cummins by 0.5% in the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after buying an additional 34 shares during the last quarter. Finally, Van Hulzen Asset Management LLC grew its stake in shares of Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after buying an additional 34 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, 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 transaction, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction on 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 of the company’s stock, valued at $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 33,557 shares of company stock valued at $14,827,352 in the last ninety days. 0.41% of the stock is currently owned by company insiders.

Cummins Price Performance

CMI opened at $478.70 on Thursday. 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 stock has a market capitalization of $65.96 billion, a P/E ratio of 22.51, a P/E/G ratio of 2.05 and a beta of 1.07. The company’s 50-day simple moving average is $425.87 and its two-hundred day simple moving average is $373.13. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $484.84.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same period in the previous year, the business posted $5.86 earnings per share. As a group, analysts predict that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.7%. Cummins’s payout ratio is currently 41.52%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on CMI shares. JPMorgan Chase & Co. lifted their price objective on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Melius raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Barclays upped their price target on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research note on Friday, November 7th. Finally, Truist Financial upped their target price on shares of Cummins from $434.00 to $522.00 and gave the stock a “hold” rating in a research note on Friday, November 7th. Ten research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $435.00.

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.