Allstate Corp Has $1.54 Million Stock Position in Cummins Inc. $CMI

Key Points

• Allstate Corp increased its stake in Cummins Inc. by 19.7%, acquiring an additional 809 shares, bringing its total to 4,925 shares valued at approximately $1.54 million.
• In a recent earnings report, Cummins announced $6.43 EPS, surpassing analysts' expectations of $5.21, while reporting a total revenue of $8.64 billion.
• The company has approved a quarterly dividend of $2.00 per share, up from the previous quarterly dividend of $1.82, representing a yield of 2.0%.

Allstate Corp raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 19.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,925 shares of the company's stock after purchasing an additional 809 shares during the quarter. Allstate Corp's holdings in Cummins were worth $1,544,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fox Run Management L.L.C. purchased a new position in Cummins in the first quarter valued at about $2,749,000. Alpha Cubed Investments LLC bought a new stake in shares of Cummins during the 1st quarter worth about $440,000. Assenagon Asset Management S.A. boosted its stake in shares of Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after acquiring an additional 1,114 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock worth $381,129,000 after acquiring an additional 126,362 shares in the last quarter. Finally, Artemis Investment Management LLP boosted its stake in shares of Cummins by 19.1% during the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock worth $2,428,000 after acquiring an additional 1,241 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

Shares of NYSE CMI traded up $0.80 during trading hours on Thursday, hitting $402.20. 445,081 shares of the company's stock were exchanged, compared to its average volume of 875,175. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $408.38. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The stock has a market capitalization of $55.42 billion, a price-to-earnings ratio of 18.91, a PEG ratio of 1.93 and a beta of 1.02. The company's 50-day moving average price is $359.93 and its 200-day moving average price is $335.12.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. During the same quarter in the previous year, the firm earned $5.26 EPS. The firm's revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a $2.00 dividend. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 2.0%. Cummins's payout ratio is currently 37.61%.

Analysts Set New Price Targets

CMI has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Truist Financial upped their price target on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Robert W. Baird upped their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research note on Monday, August 11th. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and upped their price target for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Seven analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $370.83.

Insider Transactions at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares of the company's stock, valued at $2,994,038.67. This represents a 38.67% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the company's stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value 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. Over the last 90 days, insiders have sold 26,039 shares of company stock worth $10,385,075. 0.41% of the stock is currently owned by company insiders.

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.