Cresset Asset Management LLC Has $2.60 Million Stake in Cummins Inc. $CMI

Key Points

• Cresset Asset Management LLC reduced its stake in Cummins Inc. by 19.3%, selling 1,989 shares and bringing its total holdings to 8,293 shares valued at approximately $2.6 million.
• Numerous institutional investors have adjusted their positions in Cummins, with GAMMA Investing LLC significantly increasing its holdings by over 38,220%, now owning 1,191,385 shares.
• Cummins announced a dividend increase to $2.00 per share, which represents a positive change from its previous quarterly dividend and a 2.0% yield for shareholders.

Cresset Asset Management LLC trimmed its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 19.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,293 shares of the company's stock after selling 1,989 shares during the period. Cresset Asset Management LLC's holdings in Cummins were worth $2,599,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. Brighton Jones LLC raised its position in shares of Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after buying an additional 83 shares in the last quarter. MML Investors Services LLC raised its position in shares of Cummins by 3.2% in the fourth quarter. MML Investors Services LLC now owns 16,663 shares of the company's stock valued at $5,809,000 after buying an additional 509 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in shares of Cummins by 9.3% in the fourth quarter. Kayne Anderson Rudnick Investment Management LLC now owns 8,847 shares of the company's stock valued at $3,084,000 after buying an additional 752 shares in the last quarter. Transce3nd LLC acquired a new stake in shares of Cummins in the fourth quarter valued at approximately $50,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Cummins by 24.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 6,210 shares of the company's stock valued at $2,165,000 after buying an additional 1,225 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CMI has been the topic of a number of recent analyst reports. Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday. Truist Financial lifted their price objective on shares of Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cummins has a consensus rating of "Hold" and an average price target of $370.83.

Cummins Price Performance

Shares of NYSE CMI traded up $7.8750 during midday trading on Friday, reaching $402.0750. 775,198 shares of the company were exchanged, compared to its average volume of 935,740. The stock's 50-day moving average price is $355.04 and its 200-day moving average price is $334.53. The stock has a market cap of $55.40 billion, a P/E ratio of 18.90, a PEG ratio of 1.90 and a beta of 1.02. Cummins Inc. has a one year low of $260.02 and a one year high of $408.38. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company's revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.26 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date is Friday, August 22nd. Cummins's dividend payout ratio (DPR) is presently 34.23%.

Insider Activity at Cummins

In other news, VP Jennifer Mary Bush sold 520 shares of Cummins stock in a transaction on Friday, August 8th. The shares were sold at an average price of $388.13, for a total transaction of $201,827.60. Following the transaction, the vice president owned 15,130 shares in the company, valued at approximately $5,872,406.90. The trade was a 3.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,179 shares of company stock valued at $9,636,871 in the last quarter. Insiders own 0.41% of the company's stock.

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.