Cummins Inc. (NYSE:CMI) Shares Sold by Sienna Gestion

Sienna Gestion lowered its position in Cummins Inc. (NYSE:CMI) by 5.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 40,496 shares of the company’s stock after selling 2,361 shares during the quarter. Cummins accounts for 1.0% of Sienna Gestion’s investment portfolio, making the stock its 22nd biggest position. Sienna Gestion’s holdings in Cummins were worth $12,338,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of CMI. GAMMA Investing LLC lifted its stake in shares of Cummins by 38,220.5% during the first quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company’s stock worth $373,428,000 after purchasing an additional 1,188,276 shares in the last quarter. Nuveen LLC acquired a new position in shares of Cummins in the first quarter worth about $109,120,000. Vanguard Group Inc. lifted its stake in shares of Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after acquiring an additional 321,823 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Cummins by 15.1% in the fourth quarter. Northern Trust Corp now owns 1,883,012 shares of the company’s stock worth $656,418,000 after acquiring an additional 246,807 shares in the last quarter. Finally, Balyasny Asset Management L.P. lifted its stake in shares of Cummins by 5,553.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 134,052 shares of the company’s stock worth $46,731,000 after acquiring an additional 131,681 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Up 1.9%

NYSE:CMI opened at $406.77 on Thursday. The firm has a market capitalization of $56.05 billion, a PE ratio of 19.12, a price-to-earnings-growth ratio of 1.94 and a beta of 1.02. The stock has a 50 day moving average of $344.43 and a 200-day moving average of $332.33. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $408.38. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

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

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is currently 34.23%.

Analyst Ratings Changes

Several research analysts recently commented on the company. Jefferies Financial Group upgraded Cummins to a “hold” rating in a research note on Monday. Robert W. Baird boosted their price target on Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. Truist Financial boosted their price objective on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a report on Monday. Finally, Barclays boosted their price objective on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $370.83.

Insider Transactions at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president directly owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John H. Stone purchased 1,000 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director directly owned 2,441 shares of the company’s stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The disclosure for this purchase can be found here. 0.41% of the stock is currently owned by company insiders.

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.