Oarsman Capital Inc. Acquires 277 Shares of Cummins Inc. $CMI

Oarsman Capital Inc. boosted its holdings in Cummins Inc. (NYSE:CMI) by 5.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,356 shares of the company’s stock after purchasing an additional 277 shares during the quarter. Oarsman Capital Inc.’s holdings in Cummins were worth $1,754,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. lifted its position in Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after buying an additional 817,384 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after buying an additional 424,294 shares during the period. Nuveen LLC purchased a new position in shares of Cummins during the first quarter valued at $109,120,000. Vanguard Group Inc. increased its stake in shares of Cummins by 1.9% during the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after buying an additional 321,823 shares during the period. Finally, Goldman Sachs Group Inc. grew its stake in Cummins by 74.2% in the first quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after purchasing an additional 319,277 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CMI. Robert W. Baird lifted their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research note on Friday, July 11th. Citigroup raised their price target on Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Tuesday, October 14th. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $410.50.

Insider Activity at Cummins

In related news, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president directly owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction that occurred on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director owned 5,227 shares of the company’s stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 43,119 shares of company stock valued at $17,674,285 in the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

Cummins Trading Down 1.6%

Cummins stock opened at $414.37 on Wednesday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51. The company has a market capitalization of $57.10 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04. The stock has a 50-day moving average price of $413.38 and a 200 day moving average price of $360.07.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 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 during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the previous year, the company posted $5.26 earnings per share. The company’s revenue was down 1.7% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date is Friday, November 21st. Cummins’s dividend payout ratio (DPR) is currently 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.