Clark Capital Management Group Inc. Has $54.21 Million Holdings in Cummins Inc. $CMI

Key Points

• Clark Capital Management Group Inc. significantly increased its stake in Cummins Inc. by 22,867.9% in Q1, owning 172,948 shares valued at approximately $54.2 million.
• Insider sell transactions included VP Amy Rochelle Davis selling 5,002 shares for over $2 million, indicating a decrease in ownership by 19.43%.
• Cummins has been rated as "overweight" by Wells Fargo and has a consensus rating of “Moderate Buy” from analysts, with a price target average of $389.29.

Clark Capital Management Group Inc. increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 22,867.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 172,948 shares of the company's stock after purchasing an additional 172,195 shares during the period. Clark Capital Management Group Inc. owned 0.13% of Cummins worth $54,209,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of CMI. GAMMA Investing LLC boosted its position in shares of Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after purchasing an additional 1,188,276 shares during the period. Raymond James Financial Inc. boosted its position in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock valued at $424,414,000 after buying an additional 817,384 shares during the period. AQR Capital Management LLC boosted its position in Cummins by 70.9% in the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company's stock valued at $314,942,000 after buying an additional 424,294 shares during the period. Nuveen LLC purchased a new stake in shares of Cummins during the 1st quarter worth $109,120,000. Finally, Vanguard Group Inc. lifted its position in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insiders Place Their Bets

In other news, VP Luther E. Peters sold 4,850 shares of Cummins 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 transaction, the vice president directly owned 7,693 shares of the company's stock, valued at $2,994,038.67. This trade represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Robert Enright sold 1,860 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the transaction, the vice president directly owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,039 shares of company stock valued at $10,385,075 over the last 90 days. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages recently commented on CMI. Truist Financial lifted their price target on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research note on Thursday, August 7th. Citigroup lifted their target price on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a report on Wednesday, August 6th. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Finally, Barclays raised their price objective on shares of Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research note on Monday, July 21st. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Cummins has an average rating of "Moderate Buy" and an average price target of $389.29.

Cummins Stock Down 1.0%

CMI stock traded down $4.07 during mid-day trading on Tuesday, hitting $393.34. 198,536 shares of the company were exchanged, compared to its average volume of 866,897. The firm has a fifty day simple moving average of $372.25 and a 200 day simple moving average of $335.88. 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 Inc. has a twelve month low of $260.02 and a twelve month high of $408.38. The company has a market capitalization of $54.20 billion, a PE ratio of 18.49, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly 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 company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company's revenue for the quarter was down 1.7% on a year-over-year basis. During the same period last year, the firm posted $5.26 EPS. On average, research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date was Friday, August 22nd. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 37.61%.

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.