OFI Invest Asset Management Boosts Holdings in Cummins Inc. $CMI

OFI Invest Asset Management increased its holdings in Cummins Inc. (NYSE:CMI) by 61.5% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 331 shares of the company’s stock after purchasing an additional 126 shares during the period. OFI Invest Asset Management’s holdings in Cummins were worth $108,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Orca Wealth Management LLC increased its stake in Cummins by 0.6% in the 2nd quarter. Orca Wealth Management LLC now owns 4,609 shares of the company’s stock worth $1,509,000 after acquiring an additional 28 shares during the last quarter. V Square Quantitative Management LLC increased its stake 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 increased its position in shares of Cummins by 1.2% during the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock valued at $887,000 after purchasing an additional 33 shares during the last quarter. Scotia Capital Inc. increased its position in shares of 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 increased its position in shares of 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 owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a legal 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 that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock valued at $17,674,285 in the last ninety days. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Down 3.1%

Cummins stock opened at $413.28 on Monday. The firm has a market cap of $56.94 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 1.99 and a beta of 1.04. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51. The business’s 50-day moving average price is $407.21 and its 200 day moving average price is $349.70. 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 (NYSE:CMI) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the company earned $5.26 earnings per share. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given 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 yield of 1.9%. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CMI shares. Truist Financial boosted their target price on Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Melius Research upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research note on Wednesday, September 3rd. Finally, Robert W. Baird upped their target price on Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $397.43.

About Cummins

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.