Ascent Group LLC Raises Position in Cummins Inc. $CMI

Key Points

• Ascent Group LLC raised its stake in Cummins Inc. by 70.9% in the first quarter, holding 2,422 shares valued at approximately $759,000.
• Cummins reported earnings of $6.43 per share for the last quarter, exceeding analyst expectations and showing a revenue of $8.64 billion.
• The company announced a quarterly dividend increase to $2.00 per share, reflecting an annualized rate of $8.00 and a dividend yield of 2.0%.

Ascent Group LLC increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 70.9% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,422 shares of the company's stock after buying an additional 1,005 shares during the period. Ascent Group LLC's holdings in Cummins were worth $759,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Olde Wealth Management LLC purchased a new stake in shares of Cummins in the first quarter worth $30,000. Accredited Wealth Management LLC purchased a new stake in shares of Cummins in the first quarter worth $31,000. Capital A Wealth Management LLC bought a new position in Cummins in the fourth quarter valued at $32,000. Opal Wealth Advisors LLC bought a new position in Cummins in the first quarter valued at $37,000. Finally, Richardson Financial Services Inc. bought a new position in Cummins in the first quarter valued at $39,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Up 2.6%

Shares of NYSE:CMI opened at $404.89 on Thursday. The stock's 50-day moving average price is $375.00 and its 200-day moving average price is $336.77. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $408.38. The stock has a market capitalization of $55.79 billion, a P/E ratio of 19.04, a price-to-earnings-growth ratio of 1.91 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 (NYSE:CMI - Get Free Report) last announced its quarterly earnings data 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 analysts' expectations of $8.45 billion. During the same period last year, the firm earned $5.26 earnings per share. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. This is an increase from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, August 22nd. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on CMI shares. Barclays increased their target price on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Citigroup increased their target price on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research note on Wednesday, August 6th. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Finally, Melius Research raised Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a research note on Wednesday, September 3rd. Nine analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $389.29.

Insider Activity at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction dated 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 sale, the vice president directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director owned 5,227 shares of the company's stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,039 shares of company stock valued at $10,385,075 in the last quarter. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.