Campbell & CO Investment Adviser LLC Acquires Shares of 8,908 Cummins Inc. $CMI

Key Points

• Campbell & CO Investment Adviser LLC has established a new position in Cummins Inc. by purchasing 8,908 shares valued at approximately $2.79 million in the first quarter.
• Cummins announced an increase in its quarterly dividend to $2.00, with a yield of 2.0%, reflecting a commitment to returning value to its shareholders.
• The company beat analysts' expectations in its latest earnings report with $6.43 EPS for the quarter, along with revenue of $8.64 billion, despite a 1.7% decline compared to the previous year.

Campbell & CO Investment Adviser LLC acquired a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 8,908 shares of the company's stock, valued at approximately $2,792,000.

A number of other large investors have also recently made changes to their positions in the business. Fiduciary Trust Co lifted its stake in shares of Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after buying an additional 28 shares in the last quarter. Bank of Jackson Hole Trust lifted its stake in shares of Cummins by 1.2% in the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock valued at $887,000 after buying an additional 33 shares in the last quarter. Scotia Capital Inc. lifted its stake in shares of Cummins by 0.5% in the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company's stock valued at $2,104,000 after buying an additional 34 shares in the last quarter. Van Hulzen Asset Management LLC lifted its stake in shares of Cummins by 1.2% in the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company's stock valued at $872,000 after buying an additional 34 shares in the last quarter. Finally, Ascent Group LLC lifted its stake in shares of Cummins by 2.7% in the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock valued at $494,000 after buying an additional 37 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the business'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 transaction, the vice president directly owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert Enright sold 1,860 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the sale, the vice president directly owned 955 shares in the company, valued at $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,039 shares of company stock worth $10,385,075. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Performance

Shares of CMI traded up $0.80 during trading hours on Thursday, hitting $402.20. The company's stock had a trading volume of 453,716 shares, compared to its average volume of 876,740. The company has a market cap 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 has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The business has a 50 day simple moving average of $359.93 and a two-hundred day simple moving average of $335.12. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $408.38.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins's revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business earned $5.26 earnings per share. On average, equities 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. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Analysts Set New Price Targets

CMI has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and raised their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Barclays raised their price target on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research report on Monday, July 21st. Evercore ISI reissued an "outperform" rating on shares of Cummins in a research report on Tuesday, August 19th. Truist Financial raised their price target on shares of Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Finally, Robert W. Baird raised 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. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $370.83.

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.