Petrus Trust Company LTA Boosts Stock Holdings in Cummins Inc. $CMI

Key Points

• Petrus Trust Company LTA increased its stake in Cummins Inc. by 96.8% during the first quarter, now holding 1,657 shares valued at $519,000.
• Cummins recently increased its quarterly dividend to $2.00 per share from $1.82, resulting in an annualized yield of 2.0%.
• The company's earnings report showed a EPS of $6.43, significantly exceeding analysts' expectations, alongside total revenue of $8.64 billion.

Petrus Trust Company LTA raised its position in Cummins Inc. (NYSE:CMI - Free Report) by 96.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,657 shares of the company's stock after buying an additional 815 shares during the period. Petrus Trust Company LTA's holdings in Cummins were worth $519,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Nissay Asset Management Corp Japan ADV boosted its holdings in Cummins by 1.3% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 17,272 shares of the company's stock worth $5,414,000 after buying an additional 223 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in Cummins by 47.8% in the 1st quarter. NewEdge Advisors LLC now owns 44,903 shares of the company's stock worth $14,074,000 after buying an additional 14,528 shares during the last quarter. Integrated Wealth Concepts LLC boosted its holdings in Cummins by 8.3% in the 1st quarter. Integrated Wealth Concepts LLC now owns 8,466 shares of the company's stock worth $2,654,000 after buying an additional 646 shares during the last quarter. Hancock Whitney Corp boosted its holdings in Cummins by 2.1% in the 1st quarter. Hancock Whitney Corp now owns 40,180 shares of the company's stock worth $12,594,000 after buying an additional 821 shares during the last quarter. Finally, Clark Capital Management Group Inc. boosted its holdings in Cummins by 22,867.9% in the 1st quarter. Clark Capital Management Group Inc. now owns 172,948 shares of the company's stock worth $54,209,000 after buying an additional 172,195 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Up 1.5%

CMI traded up $5.96 during trading hours on Thursday, reaching $411.23. The company's stock had a trading volume of 488,556 shares, compared to its average volume of 866,065. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $413.66. The stock has a market cap of $56.66 billion, a PE ratio of 19.33, a P/E/G ratio of 1.91 and a beta of 1.02. The business's 50-day moving average is $375.00 and its 200-day moving average is $336.77. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The firm had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. During the same period in the prior year, the firm posted $5.26 earnings per share. The firm's quarterly revenue was down 1.7% on a year-over-year basis. As a group, equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins's dividend payout ratio is presently 37.61%.

Insider Buying and Selling

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the sale, the director owned 5,227 shares of the company's stock, valued at $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Mark Andrew Smith sold 6,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company's stock, valued at approximately $12,790,710. The trade was a 17.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,039 shares of company stock valued at $10,385,075 over the last quarter. 0.41% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CMI has been the topic of several research analyst reports. Citigroup lifted their price objective on Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a report on Monday, August 11th. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $410.00 to $431.00 in a report on Tuesday, May 27th. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Cummins presently has an average rating of "Moderate Buy" and an average price target of $389.29.

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.