Entropy Technologies LP Boosts Stake in Cummins Inc. $CMI

Entropy Technologies LP raised its stake in shares of Cummins Inc. (NYSE:CMI) by 379.7% during the 1st quarter, Holdings Channel reports. The fund owned 21,106 shares of the company’s stock after purchasing an additional 16,706 shares during the period. Entropy Technologies LP’s holdings in Cummins were worth $11,355,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CMI. Brighton Jones LLC lifted its stake in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the last quarter. Intech Investment Management LLC grew its stake 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 last quarter. Treasurer of the State of North Carolina grew its stake 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 last quarter. ICW Investment Advisors LLC bought a new position in Cummins in the second quarter worth about $225,000. Finally, Osterweis Capital Management Inc. bought a new position in Cummins in the second quarter worth about $31,000. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Cummins news, VP Marvin Boakye sold 3,481 shares of Cummins stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the sale, the vice president owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. The trade was a 29.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the sale, the vice president owned 8,316 shares in the company, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last three months. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Down 0.2%

NYSE:CMI opened at $663.96 on Friday. The company has a market cap of $91.62 billion, a PE ratio of 34.46, a P/E/G ratio of 1.62 and a beta of 1.22. Cummins Inc. has a twelve month low of $354.68 and a twelve month high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company’s 50 day moving average is $672.19 and its two-hundred day moving average is $619.28.

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, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter last year, the company posted $5.96 earnings per share. The business’s quarterly revenue was up 2.7% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on CMI shares. Citigroup raised their price target on shares of Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a report on Tuesday, July 14th. Truist Financial boosted their price objective on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Morgan Stanley increased their target price on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. Evercore restated an “outperform” rating and issued a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Finally, Robert W. Baird set a $700.00 price target on Cummins in a research report on Wednesday, May 6th. Eleven equities 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.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $740.07.

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.