Blueshift Asset Management LLC Takes Position in Cummins Inc. (NYSE:CMI)

Key Points

• Blueshift Asset Management LLC purchased 1,869 shares of Cummins Inc., valued at approximately $586,000, during the first quarter, indicating growing institutional interest in the company.
• Cummins recently reported earnings per share (EPS) of $5.96 for the quarter, surpassing analysts' estimates, although its quarterly revenue decreased by 2.7% compared to the same period last year.
• The company declared a quarterly dividend of $2.00 per share, which marks an increase from the previous dividend of $1.82, reflecting a commitment to returning value to shareholders.

Blueshift Asset Management LLC acquired a new position in Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 1,869 shares of the company's stock, valued at approximately $586,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Olde Wealth Management LLC acquired a new stake in Cummins during the 1st quarter valued at $30,000. Capital A Wealth Management LLC acquired a new position in shares of Cummins in the fourth quarter worth $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins in the first quarter worth $37,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins in the first quarter worth $39,000. Finally, Ritter Daniher Financial Advisory LLC DE increased its stake in shares of Cummins by 316.7% in the fourth quarter. Ritter Daniher Financial Advisory LLC DE now owns 125 shares of the company's stock worth $44,000 after acquiring an additional 95 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 3.2%

CMI stock opened at $355.86 on Friday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. The company has a 50-day moving average of $334.30 and a two-hundred day moving average of $331.27. The stock has a market capitalization of $49.02 billion, a price-to-earnings ratio of 17.70, a price-to-earnings-growth ratio of 2.04 and a beta of 1.01.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.92 by $1.04. Cummins had a net margin of 8.20% and a return on equity of 26.88%. The company had revenue of $8.17 billion during the quarter, compared to analysts' expectations of $8.22 billion. During the same period in the prior year, the company earned $5.08 earnings per share. The business's quarterly revenue was down 2.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current 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 dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 2.2%. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio is currently 36.22%.

Insider Transactions at Cummins

In related news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The stock was acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director owned 2,441 shares in the company, valued at approximately $810,607.28. This represents a 69.40% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.41% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently weighed in on CMI. UBS Group downgraded shares of Cummins from a "buy" rating to a "sell" rating and dropped their price target for the stock from $400.00 to $240.00 in a research note on Monday, April 7th. The Goldman Sachs Group raised shares of 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. Evercore ISI dropped their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. JPMorgan Chase & Co. upped their price target on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Citigroup reiterated a "buy" rating and issued a $360.00 price objective (up from $350.00) on shares of Cummins in a report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $361.92.

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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