Conning Inc. Increases Position in Cummins Inc. $CMI

Key Points

• Conning Inc. has increased its stake in Cummins Inc. by 4.3%, holding 106,070 shares valued at approximately $34.74 million.
• Cummins recently reported earnings of $6.43 per share, surpassing analyst expectations by $1.22, while its revenue for the quarter was $8.64 billion.
• The company raised its quarterly dividend from $1.82 to $2.00 per share, resulting in an annualized yield of 1.9%.

Conning Inc. lifted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 4.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 106,070 shares of the company's stock after buying an additional 4,376 shares during the period. Conning Inc. owned 0.08% of Cummins worth $34,738,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Brighton Jones LLC raised its stake in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock worth $736,000 after purchasing an additional 83 shares during the period. Farther Finance Advisors LLC raised its stake in Cummins by 22.9% during the first quarter. Farther Finance Advisors LLC now owns 2,753 shares of the company's stock worth $868,000 after purchasing an additional 513 shares during the period. Wealthcare Advisory Partners LLC raised its stake in Cummins by 7.2% during the first quarter. Wealthcare Advisory Partners LLC now owns 3,807 shares of the company's stock worth $1,193,000 after purchasing an additional 255 shares during the period. GAMMA Investing LLC raised its stake in Cummins by 22.3% during the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company's stock worth $1,191,000 after purchasing an additional 692 shares during the period. Finally, Assenagon Asset Management S.A. raised its stake in Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after purchasing an additional 1,114 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of recent analyst reports. Evercore ISI reaffirmed an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Truist Financial increased their price objective on shares of Cummins from $380.00 to $434.00 and gave the stock a "hold" rating in a research report on Wednesday. Melius Research raised 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. Citigroup increased their price objective on shares of Cummins from $425.00 to $485.00 and gave the stock a "buy" rating in a research report on Tuesday, September 23rd. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Cummins in a research report on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $397.43.

Cummins Price Performance

CMI opened at $413.28 on Friday. The company has a fifty day simple moving average of $407.21 and a 200 day simple moving average of $349.37. The firm has a market cap of $56.95 billion, a price-to-earnings ratio of 19.43, a PEG ratio of 2.06 and a beta of 1.04. Cummins Inc. has a twelve month low of $260.02 and a twelve month 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 released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The business 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%. The business's revenue was down 1.7% on a year-over-year basis. During the same period last year, the business earned $5.26 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 1.9%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is 37.61%.

Insider Activity at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 8,000 shares of the firm's stock in a transaction on Monday, October 6th. The shares were sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company's stock, valued at $13,873,972.60. This trade represents a 20.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 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. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock worth $17,674,285 over the last 90 days. Company insiders own 0.41% of the company's stock.

Cummins Company 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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