Empowered Funds LLC Boosts Holdings in Cummins Inc. $CMI

Empowered Funds LLC increased its position in Cummins Inc. (NYSE:CMI) by 128.3% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,222 shares of the company’s stock after purchasing an additional 27,099 shares during the period. Empowered Funds LLC’s holdings in Cummins were worth $15,793,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of CMI. Orca Wealth Management LLC lifted its stake in shares of Cummins by 0.6% in the second quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after buying an additional 28 shares in the last quarter. V Square Quantitative Management LLC raised its holdings in Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after acquiring an additional 31 shares during the last quarter. Bank of Jackson Hole Trust lifted its position in Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after acquiring an additional 33 shares in the last quarter. Scotia Capital Inc. boosted its stake in Cummins by 0.5% during the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock valued at $2,104,000 after purchasing an additional 34 shares during the last quarter. Finally, Van Hulzen Asset Management LLC boosted its stake in Cummins by 1.2% during the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after purchasing an additional 34 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CMI has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price target on Cummins from $400.00 to $460.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 14th. Wall Street Zen raised Cummins from a “hold” rating to a “buy” rating in a research report on Saturday. Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Wolfe Research upgraded shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Finally, Truist Financial increased their price objective on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research report on Friday, November 7th. Ten equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $445.93.

Insider Transactions at Cummins

In related news, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the sale, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This represents a 9.63% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 36,820 shares of company stock worth $16,463,263 in the last three months. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $455.70 on Tuesday. The company has a 50-day moving average price of $429.60 and a 200-day moving average price of $377.23. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $484.84. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $62.90 billion, a P/E ratio of 21.42, a PEG ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same period in the previous year, the business posted $5.86 earnings per share. The firm’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio is 41.52%.

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.