Wellington Management Group LLP Purchases 350,910 Shares of Cummins Inc. $CMI

Wellington Management Group LLP increased its position in Cummins Inc. (NYSE:CMI) by 243.5% in the second quarter, Holdings Channel.com reports. The firm owned 495,047 shares of the company’s stock after acquiring an additional 350,910 shares during the period. Wellington Management Group LLP’s holdings in Cummins were worth $353,072,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CMI. Persistent Asset Partners Ltd bought a new stake in shares of Cummins during the second quarter worth approximately $26,000. Elevation Wealth Partners LLC boosted its stake in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after acquiring an additional 22 shares during the last quarter. Cedar Mountain Advisors LLC boosted its stake in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after acquiring an additional 45 shares during the last quarter. Wellington Shields Capital Management LLC acquired a new stake in Cummins during the 4th quarter worth $27,000. Finally, Key Financial Inc grew its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares during the period. 83.46% of the stock is owned by institutional investors.

Insider Activity

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

Cummins Stock Performance

CMI stock opened at $564.61 on Monday. Cummins Inc. has a 1-year low of $389.52 and a 1-year high of $737.76. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The firm has a market cap of $77.72 billion, a PE ratio of 28.85, a P/E/G ratio of 1.35 and a beta of 1.24. The business’s 50-day moving average price is $647.45 and its two-hundred day moving average price is $628.09.

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

Cummins Increases Dividend

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

Analysts Set New Price Targets

CMI has been the topic of a number of analyst reports. UBS Group cut their price target on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Morgan Stanley upped their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. CICC Research initiated coverage on Cummins in a report on Sunday, August 23rd. They set an “outperform” rating on the stock. Finally, Wells Fargo & Company upped their price target on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $745.64.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.