Empowered Funds LLC Invests $18 Million in Cummins Inc. $CMI

Empowered Funds LLC acquired a new stake in Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 25,243 shares of the company’s stock, valued at approximately $18,004,000.

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Cummins during the 2nd quarter worth approximately $8,204,241,000. State Street Corp boosted its holdings in Cummins by 0.8% in the fourth quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after purchasing an additional 49,628 shares during the period. Geode Capital Management LLC grew its stake in Cummins by 1.0% during the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock worth $1,822,534,000 after purchasing an additional 35,286 shares in the last quarter. Fisher Asset Management LLC grew its stake in Cummins by 1.3% during the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock worth $1,741,004,000 after purchasing an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Truist Financial set a $894.00 price objective on Cummins in a research note on Wednesday, August 5th. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Raymond James Financial lifted their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Robert W. Baird set a $700.00 price target on shares of Cummins in a report on Wednesday, May 6th. Finally, Wells Fargo & Company raised their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins Stock Performance

Shares of CMI opened at $564.61 on Friday. The company has a market capitalization of $77.72 billion, a price-to-earnings ratio of 28.85, a price-to-earnings-growth ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 52-week low of $389.52 and a 52-week high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The stock has a 50 day moving average price of $647.45 and a 200 day moving average price of $627.90.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter in the prior year, the firm posted $6.43 EPS. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.6%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio is presently 44.97%.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Cummins Profile

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.