Cummins Inc. $CMI Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors cut its Cummins stake by 35.9% in the first quarter, selling 3,913 shares and retaining 6,985 shares valued at approximately $3.76 million. Institutional investors collectively own 83.46% of the company.
• Cummins reported quarterly revenue of $9.46 billion, up 9.4% year over year and above estimates, but earnings per share of $6.73 fell short of the $7.21 consensus forecast.
• The company raised its quarterly dividend from $2.00 to $2.20 per share, equivalent to an annualized $8.80 dividend and a 1.4% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $745.64.

Pacer Advisors Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 35.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 6,985 shares of the company's stock after selling 3,913 shares during the quarter. Pacer Advisors Inc.'s holdings in Cummins were worth $3,758,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC lifted its position in Cummins by 4.1% during 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. Intech Investment Management LLC raised its stake in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company's stock valued at $1,240,000 after acquiring an additional 1,146 shares during the period. Treasurer of the State of North Carolina raised its stake in shares of Cummins by 2.8% in the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company's stock valued at $21,055,000 after acquiring an additional 1,759 shares during the period. ICW Investment Advisors LLC acquired a new position in shares of Cummins during the 2nd quarter valued at $225,000. Finally, Osterweis Capital Management Inc. acquired a new position in shares of Cummins during the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Transactions at Cummins

In other Cummins news, VP Nathan R. Stoner sold 607 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the completion of the sale, the vice president owned 9,447 shares in the company, valued at $6,556,784.82. This trade represents a 6.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of Cummins stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $700.19, for a total value of $456,523.88. Following the sale, the executive vice president owned 11,679 shares in the company, valued at $8,177,519.01. This represents a 5.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 7,690 shares of company stock valued at $5,360,654 in the last three months. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Performance

Cummins stock opened at $643.44 on Friday. Cummins Inc. has a 12-month low of $379.41 and a 12-month high of $737.76. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.11. The company has a market capitalization of $88.58 billion, a price-to-earnings ratio of 32.88, a price-to-earnings-growth ratio of 1.58 and a beta of 1.24. The firm's fifty day moving average price is $668.87 and its 200 day moving average price is $625.03.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing analysts' consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analysts' expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the previous year, the company earned $6.43 earnings per share. On average, research analysts forecast that Cummins Inc. will post 29.53 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. This is an increase from Cummins's previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, August 21st. Cummins's dividend payout ratio (DPR) is currently 41.52%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Robert W. Baird set a $700.00 price target on Cummins in a report on Wednesday, May 6th. Morgan Stanley boosted their price objective on Cummins from $752.00 to $761.00 and gave the stock an "overweight" rating in a research note on Friday, July 17th. Zacks Research downgraded Cummins from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 13th. Raymond James Financial increased their target price on Cummins from $675.00 to $745.00 and gave the company an "outperform" rating in a research note on Tuesday, May 26th. Finally, Truist Financial set a $894.00 target price on Cummins in a report on Wednesday. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $745.64.

Cummins Company Profile

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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