Cim LLC Purchases 15,271 Shares of Cummins Inc. $CMI

Key Points

• Cim LLC increased its Cummins stake by 302.6% in the first quarter, acquiring 15,271 additional shares and bringing its total holdings to 20,317 shares valued at approximately $10.9 million. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly earnings of $6.15 per share, exceeding the $5.63 analyst consensus, while revenue rose 2.7% year over year to $8.40 billion. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $740.07.
• The company raised its quarterly dividend from $2.00 to $2.20 per share, equivalent to an annualized payout of $8.80 and a 1.5% yield. Meanwhile, the stock opened at $605.63, well below its 52-week high of $737.76.

Cim LLC grew its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 302.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 20,317 shares of the company's stock after acquiring an additional 15,271 shares during the period. Cummins comprises about 1.6% of Cim LLC's holdings, making the stock its 23rd largest holding. Cim LLC's holdings in Cummins were worth $10,931,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Activest Wealth Management boosted its position in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company's stock valued at $26,000 after purchasing an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC grew its stake in Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company's stock worth $26,000 after purchasing an additional 45 shares during the period. Wellington Shields Capital Management LLC purchased a new position in Cummins during the fourth quarter valued at $27,000. Key Financial Inc boosted its holdings in shares of Cummins by 62.5% during the 1st quarter. Key Financial Inc now owns 52 shares of the company's stock valued at $28,000 after buying an additional 20 shares in the last quarter. Finally, Birchwood Financial Partners Inc. purchased a new stake in shares of Cummins in the 4th quarter worth about $28,000. Institutional investors own 83.46% of the company's stock.

Insider Transactions at Cummins

In related news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the business's stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the transaction, the vice president directly owned 11,986 shares of the company's stock, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 13,579 shares of company stock valued at $9,377,684. Insiders own 0.30% of the company's stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent research reports. Zacks Research cut shares of Cummins from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Sanford C. Bernstein reaffirmed a "market perform" rating on shares of Cummins in a research note on Friday, May 22nd. Truist Financial boosted their price target on Cummins from $815.00 to $901.00 and gave the stock a "buy" rating in a research report on Thursday, July 2nd. Robert W. Baird set a $700.00 price objective on Cummins in a research report on Wednesday, May 6th. Finally, Evercore reissued an "outperform" rating and issued a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $740.07.

Cummins Trading Down 5.6%

NYSE:CMI opened at $605.63 on Thursday. The company's 50 day moving average price is $670.30 and its 200-day moving average price is $621.86. Cummins Inc. has a 52 week low of $354.68 and a 52 week high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The stock has a market cap of $83.57 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 1.56 and a beta of 1.22.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping analysts' consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm's revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the business earned $5.96 EPS. On average, equities research analysts forecast that Cummins Inc. will post 29.39 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio is 41.52%.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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