Boston Trust Walden Corp Grows Position in Cummins Inc. $CMI

Key Points

• Boston Trust Walden Corp increased its stake in Cummins Inc. by 105.8% during the second quarter, owning 11,245 shares valued at approximately $3.68 million.
• Cummins reported quarterly earnings of $6.43 per share, exceeding analysts' estimates of $5.21, with revenues reaching $8.64 billion.
• The company announced a quarterly dividend of $2.00 per share, resulting in an annualized dividend yield of 1.9%.

Boston Trust Walden Corp lifted its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 105.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,245 shares of the company's stock after buying an additional 5,780 shares during the period. Boston Trust Walden Corp's holdings in Cummins were worth $3,683,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in CMI. Olde Wealth Management LLC acquired a new stake in shares of Cummins during the first quarter worth about $30,000. Accredited Wealth Management LLC acquired a new stake in shares of Cummins during the first quarter worth about $31,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins during the first quarter worth about $39,000. Costello Asset Management INC acquired a new stake in shares of Cummins during the first quarter worth about $40,000. Finally, Wealth Preservation Advisors LLC acquired a new stake in shares of Cummins during the first quarter worth about $41,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Trading Up 1.6%

Cummins stock opened at $423.12 on Thursday. The stock has a market cap of $58.30 billion, a PE ratio of 19.89, a P/E/G ratio of 2.01 and a beta of 1.04. The stock has a 50-day moving average price of $409.86 and a 200 day moving average price of $351.33. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $440.51. 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 posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 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 firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $5.26 EPS. Equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins's dividend payout ratio (DPR) is 37.61%.

Analysts Set New Price Targets

A number of brokerages have commented on CMI. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $400.00 to $460.00 and gave the stock a "neutral" rating in a research report on Tuesday. Zacks Research upgraded shares of Cummins from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, October 8th. 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 research report on Wednesday, September 3rd. Weiss Ratings restated a "buy (b-)" rating on shares of Cummins in a research report on Tuesday. Finally, Robert W. Baird upped their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $407.43.

Insider Buying and Selling at Cummins

In other news, CFO Mark Andrew Smith sold 8,000 shares of the firm's stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at $13,873,972.60. This trade represents a 20.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the firm's stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the sale, the vice president owned 20,738 shares in the company, valued at $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 ninety days, insiders have sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is currently owned by 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.

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