National Pension Service Has $296.82 Million Stock Position in Cummins Inc. $CMI

National Pension Service boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.4% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 416,179 shares of the company’s stock after buying an additional 1,710 shares during the quarter. National Pension Service’s holdings in Cummins were worth $296,823,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Persistent Asset Partners Ltd bought a new position in shares of Cummins during the 2nd quarter worth approximately $26,000. Elevation Wealth Partners LLC raised its stake in Cummins by 91.7% in the 2nd 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 period. Cedar Mountain Advisors LLC raised its stake in Cummins by 1,500.0% in the 1st 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 period. Wellington Shields Capital Management LLC acquired a new stake in Cummins during the 4th quarter valued at $27,000. Finally, Key Financial Inc lifted its holdings in Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after purchasing an additional 20 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Down 1.3%

CMI opened at $554.14 on Thursday. The stock has a fifty day moving average of $624.16 and a 200-day moving average of $625.92. The company has a market capitalization of $76.28 billion, a P/E ratio of 28.32, a P/E/G ratio of 1.52 and a beta of 1.23. Cummins Inc. has a fifty-two week low of $395.86 and a fifty-two week high of $737.76. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

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

Cummins Increases Dividend

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

Analyst Ratings Changes

Several research firms have commented on CMI. Truist Financial set a $894.00 price objective on shares of Cummins in a report on Wednesday, August 5th. CICC Research began coverage on shares of Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating for the company. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 target price on shares of Cummins in a report on Wednesday, August 5th. Morgan Stanley upped their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $764.54.

About Cummins

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.