Shepherd Street Advisors LLC Invests $686,000 in Cummins Inc. $CMI

Shepherd Street Advisors LLC purchased a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,343 shares of the company’s stock, valued at approximately $686,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC boosted its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after purchasing an additional 83 shares during the period. Intech Investment Management LLC boosted its holdings in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares during the period. Treasurer of the State of North Carolina boosted its holdings in Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock valued at $21,055,000 after purchasing an additional 1,759 shares during the period. ICW Investment Advisors LLC purchased a new position in Cummins in the second quarter valued at $225,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins in the second quarter valued at $31,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Up 4.4%

CMI opened at $671.93 on Wednesday. The business’s 50-day simple moving average is $625.81 and its 200-day simple moving average is $571.66. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a one year low of $307.90 and a one year high of $718.08. The stock has a market capitalization of $92.72 billion, a P/E ratio of 34.87, a price-to-earnings-growth ratio of 1.57 and a beta of 1.23.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the firm earned $5.96 earnings per share. The business’s revenue was up 2.7% compared to the same quarter last year. Analysts anticipate that Cummins Inc. will post 29.4 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Investors of record on Friday, May 22nd will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Activity

In related news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Marvin Boakye sold 3,481 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares in the company, valued at approximately $5,784,589.20. This represents a 29.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Wednesday, May 6th. Citigroup lifted their target price on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. UBS Group set a $565.00 target price on Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Finally, Truist Financial set a $815.00 target price on Cummins in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $705.79.

Cummins Company 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.