Cummins Inc. (NYSE:CMI) Shares Purchased by Knights of Columbus Asset Advisors LLC

Key Points

• Knights of Columbus Asset Advisors LLC increased its holdings in Cummins Inc. by 14.4%, acquiring an additional 5,059 shares, bringing its total to 40,151 shares valued at approximately $12.6 million.
• Analysts have mixed ratings on Cummins, with a consensus rating of "Hold" and an average target price of $361.92, reflecting the range of price targets from sell to buy ratings issued by various firms.
• Cummins announced an increase in its quarterly dividend to $2.00 per share, with the ex-dividend date set for August 22, representing a yield of 2.19%.

Knights of Columbus Asset Advisors LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 14.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,151 shares of the company's stock after purchasing an additional 5,059 shares during the period. Cummins accounts for 0.9% of Knights of Columbus Asset Advisors LLC's investment portfolio, making the stock its 25th largest holding. Knights of Columbus Asset Advisors LLC's holdings in Cummins were worth $12,585,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Meeder Asset Management Inc. increased its stake in Cummins by 208.0% in the 4th quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock valued at $27,000 after buying an additional 52 shares during the period. Olde Wealth Management LLC acquired a new position in Cummins in the 1st quarter valued at $30,000. Capital A Wealth Management LLC acquired a new position in Cummins in the 4th quarter valued at $32,000. Opal Wealth Advisors LLC acquired a new position in Cummins in the 1st quarter valued at $37,000. Finally, Richardson Financial Services Inc. acquired a new position in Cummins in the 1st quarter valued at $39,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

CMI has been the subject of a number of recent analyst reports. UBS Group downgraded Cummins from a "buy" rating to a "sell" rating and reduced their target price for the company from $400.00 to $240.00 in a report on Monday, April 7th. Citigroup reissued a "buy" rating and issued a $360.00 target price (up previously from $350.00) on shares of Cummins in a report on Tuesday, June 24th. Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a report on Tuesday, May 6th. Evercore ISI reduced their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. upped their target price on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the company. According to MarketBeat, Cummins has a consensus rating of "Hold" and an average target price of $361.92.

Insider Buying and Selling at Cummins

In other Cummins news, Director John H. Stone bought 1,000 shares of Cummins stock in a transaction that occurred on Friday, May 16th. The shares were acquired at an average price of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director owned 2,441 shares of the company's stock, valued at $810,607.28. The trade was a 69.40% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.41% of the company's stock.

Cummins Stock Performance

Shares of NYSE CMI opened at $365.80 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $387.90. The company has a 50-day simple moving average of $329.69 and a 200-day simple moving average of $331.02. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.34 and a quick ratio of 0.81. The company has a market cap of $50.39 billion, a PE ratio of 18.20, a price-to-earnings-growth ratio of 2.01 and a beta of 1.03.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.92 by $1.04. The business had revenue of $8.17 billion for the quarter, compared to analysts' expectations of $8.22 billion. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business's revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $5.08 earnings per share. On average, equities analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This is a positive change from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 2.19%. Cummins's payout ratio is presently 39.80%.

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.

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