Bellwether Advisors LLC Takes Position in Cummins Inc. $CMI

Bellwether Advisors LLC acquired a new stake in Cummins Inc. (NYSE:CMI) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,081 shares of the company’s stock, valued at approximately $1,658,000.

Other large investors have also recently made changes to their positions in the company. Brighton Jones LLC lifted its position in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares in the last quarter. Intech Investment Management LLC boosted its position in shares of Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares in the last quarter. 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 in the last quarter. ICW Investment Advisors LLC purchased a new position in Cummins during the 2nd quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins in the 2nd quarter valued at $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on CMI. Citigroup increased their target price on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. UBS Group reissued a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Evercore reiterated an “outperform” rating and set a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Argus boosted their price target on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $740.07.

Cummins Trading Up 3.2%

NYSE:CMI opened at $659.94 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The business’s 50 day moving average is $674.90 and its two-hundred day moving average is $616.91. Cummins Inc. has a 52 week low of $344.02 and a 52 week high of $737.76. The company has a market cap of $91.07 billion, a PE ratio of 34.25, a P/E/G ratio of 1.56 and a beta of 1.22.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analyst estimates of $8.37 billion. During the same period in the prior year, the company posted $5.96 EPS. The business’s revenue was up 2.7% compared to the same quarter last year. On average, analysts predict that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is presently 41.52%.

Insider Activity at Cummins

In related news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were 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 approximately $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the business’s stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This represents a 29.44% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 13,579 shares of company stock valued at $9,377,684. Corporate insiders own 0.30% of the company’s stock.

About Cummins

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.