Opal Capital LLC Buys 2,477 Shares of Cummins Inc. $CMI

Opal Capital LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 490.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,982 shares of the company’s stock after purchasing an additional 2,477 shares during the period. Opal Capital LLC’s holdings in Cummins were worth $1,604,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Cedar Mountain Advisors LLC grew its holdings in Cummins by 1,500.0% during the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares during the period. Thompson Investment Management Inc. purchased a new stake in Cummins in the fourth quarter worth $26,000. Activest Wealth Management raised its stake in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the period. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins in the fourth quarter valued at $27,000. Finally, Key Financial Inc lifted its position in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on CMI shares. Robert W. Baird set a $700.00 price target on Cummins in a research note on Wednesday, May 6th. Wells Fargo & Company boosted their price objective on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday, June 17th. Sanford C. Bernstein reaffirmed a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Truist Financial lifted their target price on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research note on Thursday, July 2nd. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $740.07.

Cummins Stock Down 2.9%

CMI stock opened at $642.33 on Wednesday. The company’s 50 day moving average is $671.57 and its 200 day moving average is $621.44. The stock has a market cap of $88.63 billion, a price-to-earnings ratio of 33.33, a price-to-earnings-growth ratio of 1.61 and a beta of 1.22. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 1-year low of $354.68 and a 1-year high of $737.76.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the business posted $5.96 earnings per share. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. Sell-side analysts predict that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio is 41.52%.

Insider Activity at Cummins

In related news, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $700.19, for a total value of $456,523.88. Following the sale, the executive vice president owned 11,679 shares in the company, valued at $8,177,519.01. The trade was a 5.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 in the last three months. 0.30% of the stock is owned by insiders.

About Cummins

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.