Cummins Inc. $CMI Stock Holdings Raised by Franklin Street Advisors Inc. NC

Key Points

• Franklin Street Advisors Inc. NC raised its holdings in Cummins Inc. by 7.5%, owning a total of 34,662 shares worth approximately $11.35 million as of the latest SEC filing.
• Cummins reported quarterly earnings of $6.43 per share, exceeding the consensus estimate of $5.21, with revenues of $8.64 billion for the quarter.
• The company recently increased its quarterly dividend to $2.00 per share, representing an annualized dividend of $8.00 and a yield of 1.8%.

Franklin Street Advisors Inc. NC increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 7.5% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 34,662 shares of the company's stock after buying an additional 2,422 shares during the period. Franklin Street Advisors Inc. NC's holdings in Cummins were worth $11,352,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. Olde Wealth Management LLC acquired a new stake in Cummins during the first quarter valued at approximately $30,000. Accredited Wealth Management LLC acquired a new position in Cummins in the 1st quarter valued at approximately $31,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins during the 1st quarter worth $37,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins during the 1st quarter worth $39,000. Finally, Costello Asset Management INC bought a new stake in shares of Cummins during the 1st quarter worth $40,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of CMI stock opened at $432.87 on Friday. The firm has a 50 day moving average of $400.74 and a 200-day moving average of $345.82. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $437.66. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a market cap of $59.65 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 2.09 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to analysts' expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.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. On average, equities analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders 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 is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins's payout ratio is presently 37.61%.

Insider Buying and Selling

In other news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction that occurred on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares of the company's stock, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the company's 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 owned 7,693 shares of the company's stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,119 shares of company stock worth $14,159,885 over the last ninety days. Corporate insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CMI. Robert W. Baird boosted their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Melius Research upgraded 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. Weiss Ratings reiterated a "buy (b)" rating on shares of Cummins in a research report on Saturday, September 27th. Barclays upped their price target on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Finally, Citigroup boosted 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. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of "Moderate Buy" and an average target price of $393.57.

About Cummins

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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