Clark Capital Management Group Inc. Purchases 2,461 Shares of Cummins Inc. $CMI

Key Points

• Clark Capital Management Group increased its Cummins stake by 1.3% in the fourth quarter, buying 2,461 shares and bringing its total holding to 197,619 shares valued at about $100.9 million.
• Several analysts remain constructive on Cummins, with recent price-target hikes from Wells Fargo, Truist, Evercore, and Argus. The stock currently carries a Moderate Buy consensus and an average target price of $726.14.
• Cummins reported stronger-than-expected quarterly results, with EPS of $6.15 versus the $5.63 estimate and revenue of $8.40 billion, while also paying a $2.00 quarterly dividend that annualizes to $8.00 per share.

Clark Capital Management Group Inc. increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 197,619 shares of the company's stock after buying an additional 2,461 shares during the period. Clark Capital Management Group Inc. owned 0.14% of Cummins worth $100,875,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of CMI. Thompson Investment Management Inc. bought a new stake in shares of Cummins during the 4th quarter worth $26,000. Activest Wealth Management boosted its holdings in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company's stock worth $26,000 after buying an additional 43 shares during the period. Wellington Shields Capital Management LLC bought a new stake in shares of Cummins during the 4th quarter worth $27,000. Kemnay Advisory Services Inc. bought a new stake in shares of Cummins during the 4th quarter worth $28,000. Finally, Ares Financial Consulting LLC bought a new stake in shares of Cummins during the 4th quarter worth $29,000. 83.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on CMI shares. Wells Fargo & Company upped their price objective on shares of Cummins from $693.00 to $794.00 and gave the stock an "overweight" rating in a report on Wednesday, May 6th. Wall Street Zen downgraded shares of Cummins from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. Truist Financial set a $815.00 price target on shares of Cummins in a report on Wednesday, May 6th. Evercore reissued an "outperform" rating and issued a $845.00 price target on shares of Cummins in a report on Monday, May 11th. Finally, Argus increased their price target on shares of Cummins from $696.00 to $770.00 and gave the company a "buy" rating in a report on Monday, June 1st. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and an average target price of $726.14.

Cummins Price Performance

Shares of Cummins stock opened at $701.15 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The firm has a fifty day moving average price of $654.05 and a two-hundred day moving average price of $586.69. The company has a market cap of $96.75 billion, a PE ratio of 36.39, a price-to-earnings-growth ratio of 1.66 and a beta of 1.24.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analysts' expectations of $8.37 billion. During the same quarter in the prior year, the company posted $5.96 EPS. The business's revenue was up 2.7% on a year-over-year basis. Analysts expect that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. Cummins's dividend payout ratio is currently 41.52%.

Insider Buying and Selling

In other news, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were 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 owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the transaction, the vice president owned 8,316 shares of the company's stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 13,579 shares of company stock worth $9,377,684. Insiders own 0.30% of the company's stock.

About Cummins

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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