1,388 Shares in Cummins Inc. $CMI Purchased by EdgeRock Capital LLC

Key Points

• EdgeRock Capital LLC acquired a new stake of 1,388 shares in Cummins Inc., valued at approximately $455,000, as indicated by their recent 13F filing with the SEC.
• Insider sales include VP Luther E. Peters selling 4,850 shares for about $1.89 million and VP Amy Rochelle Davis selling 5,002 shares for around $2.02 million, which reflects a significant reduction in their ownership stakes.
• Cummins reported a quarterly EPS of $6.43, exceeding analyst expectations, and declared an increased quarterly dividend of $2.00, up from the previous $1.82.

EdgeRock Capital LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,388 shares of the company's stock, valued at approximately $455,000.

Several other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Cummins by 1.2% in the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company's stock valued at $597,170,000 after purchasing an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Cummins by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company's stock valued at $512,343,000 after purchasing an additional 8,487 shares during the period. Raymond James Financial Inc. boosted its position in shares of Cummins by 152.3% in the 1st 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 last quarter. Finally, Invesco Ltd. grew its stake in shares of Cummins by 11.6% during 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. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Transactions at Cummins

In related news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 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 approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,119 shares of company stock worth $14,159,885. Corporate insiders own 0.41% of the company's stock.

Cummins Trading Down 1.0%

CMI opened at $413.99 on Friday. The stock has a market capitalization of $57.04 billion, a P/E ratio of 19.46, a P/E/G ratio of 2.02 and a beta of 1.02. 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 firm's fifty day simple moving average is $392.70 and its 200 day simple moving average is $341.63.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company's revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.26 EPS. As a group, research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Robert W. Baird increased their price target on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Melius Research upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Truist Financial upped their target price on shares of Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Finally, Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a research report on Monday, August 11th. Nine research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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.

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