REAP Financial Group LLC Acquires 49 Shares of Cummins Inc. $CMI

REAP Financial Group LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 37.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 179 shares of the company’s stock after purchasing an additional 49 shares during the quarter. REAP Financial Group LLC’s holdings in Cummins were worth $59,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. Fox Run Management L.L.C. acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $2,749,000. Alpha Cubed Investments LLC acquired a new stake in shares of Cummins in the 1st quarter valued at approximately $440,000. Assenagon Asset Management S.A. raised its position in shares of Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock valued at $4,283,000 after acquiring an additional 1,114 shares during the period. Invesco Ltd. raised its position in shares of Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after acquiring an additional 126,362 shares during the period. Finally, Artemis Investment Management LLP raised its position in shares of Cummins by 19.1% in the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock valued at $2,428,000 after acquiring an additional 1,241 shares during the period. Institutional investors own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total value of $3,514,400.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 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 insiders.

Cummins Price Performance

NYSE CMI opened at $436.53 on Thursday. 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 12-month low of $260.02 and a 12-month high of $440.51. The company has a market capitalization of $60.15 billion, a PE ratio of 20.52, a price-to-earnings-growth ratio of 2.10 and a beta of 1.04. The firm’s 50 day moving average is $404.89 and its 200-day moving average is $348.14.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the company earned $5.26 earnings per share. The firm’s revenue was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.8%. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins’s dividend payout ratio is 37.61%.

Analysts Set New Price Targets

A number of analysts recently weighed in on CMI shares. Barclays increased their price target on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Finally, Citigroup raised their target price on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Ten investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $397.43.

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.