Caxton Associates LLP Acquires Shares of 1,374 Cummins Inc. $CMI

Key Points

• Caxton Associates LLP has acquired a stake in Cummins Inc., purchasing 1,374 shares valued at approximately $431,000 during the first quarter.
• In addition to Caxton, several other investors, including Olde Wealth Management and Accredited Wealth Management, have also recently acquired new positions in Cummins, contributing to institutional investors owning 83.46% of the company’s stock.
• Cummins announced a dividend increase, raising its quarterly dividend from $1.82 to $2.00 per share, reflecting an annual yield of 1.9% and a payout ratio of 37.61%.

Caxton Associates LLP acquired a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 1,374 shares of the company's stock, valued at approximately $431,000.

A number of other large investors also recently made changes to their positions in CMI. Olde Wealth Management LLC acquired a new position in shares of Cummins in the 1st quarter valued at about $30,000. Accredited Wealth Management LLC acquired a new position in shares of Cummins in the 1st quarter valued at about $31,000. Capital A Wealth Management LLC acquired a new position in shares of Cummins in the 4th quarter valued at about $32,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins in the 1st quarter valued at about $37,000. Finally, Richardson Financial Services Inc. acquired a new position in shares of Cummins in the 1st quarter valued at about $39,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Activity

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the company's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the sale, the chief financial officer owned 31,582 shares of the company's stock, valued at $12,790,710. This represents a 17.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company's stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,039 shares of company stock valued at $10,385,075. Insiders own 0.41% of the company's stock.

Cummins Stock Down 0.0%

Shares of Cummins stock opened at $410.84 on Friday. The stock has a market capitalization of $56.61 billion, a P/E ratio of 19.32, a PEG ratio of 1.99 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average price of $378.17 and a two-hundred day moving average price of $337.46. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $413.77.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (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 company's revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.26 earnings per share. Equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. 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 yield of 1.9%. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research reports. Barclays upped their target price on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a report on Monday, August 11th. Citigroup increased their price objective on Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Nine analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $389.29.

Cummins Profile

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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