Cummins Inc. $CMI Shares Acquired by Orca Wealth Management LLC

Orca Wealth Management LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 0.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,609 shares of the company’s stock after buying an additional 28 shares during the period. Cummins comprises about 1.3% of Orca Wealth Management LLC’s holdings, making the stock its 29th largest position. Orca Wealth Management LLC’s holdings in Cummins were worth $1,509,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Simplicity Wealth LLC raised its stake in Cummins by 120.9% in the second quarter. Simplicity Wealth LLC now owns 6,792 shares of the company’s stock valued at $2,225,000 after buying an additional 3,717 shares in the last quarter. Wealthcare Advisory Partners LLC raised its stake in Cummins by 4.5% in the second quarter. Wealthcare Advisory Partners LLC now owns 3,978 shares of the company’s stock valued at $1,303,000 after buying an additional 171 shares in the last quarter. Quent Capital LLC raised its stake in Cummins by 15.8% in the second quarter. Quent Capital LLC now owns 733 shares of the company’s stock valued at $240,000 after buying an additional 100 shares in the last quarter. QRG Capital Management Inc. raised its stake in Cummins by 52.2% in the second quarter. QRG Capital Management Inc. now owns 47,377 shares of the company’s stock valued at $15,516,000 after buying an additional 16,257 shares in the last quarter. Finally, Wallington Asset Management LLC raised its stake in Cummins by 1.1% in the second quarter. Wallington Asset Management LLC now owns 34,720 shares of the company’s stock valued at $11,371,000 after buying an additional 372 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This trade represents a 19.43% 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 Robert Enright sold 1,860 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,119 shares of company stock valued at $14,159,885. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on CMI shares. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Robert W. Baird lifted their target price on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Barclays lifted their target price on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Finally, Citigroup lifted their target price on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a research report on Tuesday, September 23rd. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $393.57.

Cummins Stock Up 0.1%

CMI opened at $432.87 on Friday. The business’s 50-day simple moving average is $400.74 and its 200-day simple moving average is $345.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a one year low of $260.02 and a one year high of $437.66. The stock has a market capitalization of $59.65 billion, a P/E ratio of 20.35, a price-to-earnings-growth ratio of 2.09 and a beta of 1.04.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the company posted $5.26 earnings per share. The business’s revenue was down 1.7% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s dividend payout ratio is 37.61%.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.