Woodward Diversified Capital LLC Acquires New Shares in Cummins Inc. $CMI

Woodward Diversified Capital LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, HoldingsChannel.com reports. The institutional investor acquired 1,229 shares of the company’s stock, valued at approximately $402,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Vanguard Group Inc. increased its holdings in Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after acquiring an additional 321,823 shares during the period. Northern Trust Corp increased its holdings in Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after acquiring an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Cummins by 0.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after purchasing an additional 8,487 shares during the period. Raymond James Financial Inc. increased its holdings in shares of 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 purchasing an additional 817,384 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Cummins by 11.6% in the first quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after purchasing an additional 126,362 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of Cummins stock opened at $424.85 on Thursday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $432.50. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The business’s 50-day moving average price is $398.13 and its 200-day moving average price is $344.32. The firm has a market capitalization of $58.54 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 2.04 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 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 business had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same period last year, the business earned $5.26 earnings per share. The business’s quarterly revenue was down 1.7% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is 37.61%.

Insider Activity at Cummins

In other news, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares of the company’s stock, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,119 shares of company stock worth $14,159,885 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CMI. Citigroup upped their price target on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. Wolfe Research upgraded Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Finally, Barclays increased their price target on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a report on Monday, July 21st. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $393.57.

Cummins Company 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.