1,350 Shares in Cummins Inc. $CMI Purchased by Camelot Portfolios LLC

Key Points

• Camelot Portfolios LLC acquired 1,350 shares of Cummins Inc., valued at approximately $442,000, indicating growing institutional interest in the company.
• Cummins reported $6.43 earnings per share for the last quarter, surpassing analysts' expectations of $5.21 and achieving a revenue of $8.64 billion.
• The company announced an increased quarterly dividend of $2.00 per share, up from $1.82, reflecting a commitment to returning value to shareholders.

Camelot Portfolios LLC acquired a new position in Cummins Inc. (NYSE:CMI - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,350 shares of the company's stock, valued at approximately $442,000.

Other large investors have also added to or reduced their stakes in the company. Olde Wealth Management LLC bought a new position in Cummins in the first quarter worth about $30,000. Accredited Wealth Management LLC bought a new position in Cummins in the first quarter worth about $31,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins during the first quarter valued at about $37,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins during the first quarter valued at about $39,000. Finally, Costello Asset Management INC acquired a new position in shares of Cummins during the first quarter valued at about $40,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Up 1.1%

Cummins stock opened at $418.59 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.03 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 $432.50. The stock's 50 day simple moving average is $394.06 and its two-hundred day simple moving average is $342.33. The firm has a market cap of $57.68 billion, a PE ratio of 19.68, a P/E/G ratio of 2.02 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results 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 return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter last year, the firm posted $5.26 EPS. The business's revenue was down 1.7% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

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

Insider Activity

In related news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director directly owned 5,227 shares of the company's stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Andrew Smith sold 6,500 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company's stock, valued at approximately $12,790,710. This represents a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,119 shares of company stock worth $14,159,885. Insiders own 0.41% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on CMI shares. Truist Financial upped their price objective on shares of Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a research report on Wednesday, September 3rd. Citigroup upped their target price on Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research report on Tuesday. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Nine 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, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $393.57.

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.

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