Summit Global Investments Invests $565,000 in Cummins Inc. $CMI

Summit Global Investments purchased a new stake in Cummins Inc. (NYSE:CMI) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,051 shares of the company’s stock, valued at approximately $565,000.

Other hedge funds have also recently made changes to their positions in the company. MWA Asset Management grew its holdings in shares of Cummins by 3.1% during the first quarter. MWA Asset Management now owns 4,878 shares of the company’s stock worth $2,624,000 after purchasing an additional 147 shares in the last quarter. Florida Financial Advisors LLC raised its position in shares of Cummins by 24.6% during the 1st quarter. Florida Financial Advisors LLC now owns 1,027 shares of the company’s stock valued at $553,000 after buying an additional 203 shares in the last quarter. AlTi Global Inc. raised its position in shares of Cummins by 0.5% during the 1st quarter. AlTi Global Inc. now owns 4,330 shares of the company’s stock valued at $2,329,000 after buying an additional 22 shares in the last quarter. Earned Wealth Advisors LLC lifted its holdings in shares of Cummins by 16.1% during the 1st quarter. Earned Wealth Advisors LLC now owns 801 shares of the company’s stock worth $431,000 after acquiring an additional 111 shares during the last quarter. Finally, Meeder Advisory Services Inc. grew its position in Cummins by 4.3% in the first quarter. Meeder Advisory Services Inc. now owns 5,717 shares of the company’s stock worth $3,076,000 after acquiring an additional 236 shares in the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 over the last quarter. 0.30% of the stock is currently owned by company insiders.

Cummins Trading Down 0.0%

NYSE CMI opened at $660.26 on Thursday. The stock has a market cap of $91.11 billion, a P/E ratio of 34.26, a price-to-earnings-growth ratio of 1.61 and a beta of 1.22. Cummins Inc. has a fifty-two week low of $354.68 and a fifty-two week high of $737.76. The stock has a 50 day simple moving average of $673.89 and a two-hundred day simple moving average of $617.96. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the firm posted $5.96 EPS. The company’s revenue for the quarter was up 2.7% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 29.39 earnings per share for the current 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 paid a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Analyst Ratings Changes

A number of research firms have weighed in on CMI. Argus raised their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. upped their price objective on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Finally, Raymond James Financial upped their target price on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Eleven investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $740.07.

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.