Cummins Inc. (NYSE:CMI) Shares Purchased by National Pension Service

Key Points

• The National Pension Service increased its stake in Cummins Inc. by 8.3% in the first quarter, holding approximately 0.17% of the company valued at $71.8 million.
• Cummins declared a quarterly dividend of $2.00 per share, representing an annualized dividend of $8.00 and a yield of 2.0%, up from the previous $1.82.
• Recent earnings showed Cummins reporting an EPS of $6.43, surpassing analyst expectations, with revenue of $8.64 billion for the quarter.

National Pension Service boosted its position in Cummins Inc. (NYSE:CMI - Free Report) by 8.3% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 229,088 shares of the company's stock after acquiring an additional 17,473 shares during the period. National Pension Service owned about 0.17% of Cummins worth $71,805,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital A Wealth Management LLC acquired a new position in Cummins in the 4th quarter worth $32,000. Olde Wealth Management LLC acquired a new stake in shares of Cummins in the 1st quarter valued at about $30,000. Opal Wealth Advisors LLC acquired a new stake in shares of Cummins in the 1st quarter valued at about $37,000. Richardson Financial Services Inc. acquired a new stake in shares of Cummins in the 1st quarter valued at about $39,000. Finally, Costello Asset Management INC acquired a new stake in shares of Cummins in the 1st quarter valued at about $40,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CMI shares. Evercore ISI cut their target price on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Truist Financial increased their price objective 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. Robert W. Baird increased their price objective on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Finally, Morgan Stanley increased their price objective on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $370.83.

Insider Buying and Selling

In related news, VP Jennifer Mary Bush sold 520 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $388.13, for a total transaction of $201,827.60. Following the completion of the sale, the vice president directly owned 15,130 shares of the company's stock, valued at $5,872,406.90. The trade was a 3.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 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 transaction of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company's stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,870 shares of company stock valued at $7,091,899 over the last ninety days. Insiders own 0.41% of the company's stock.

Cummins Stock Performance

NYSE CMI opened at $405.25 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company's fifty day moving average is $346.07 and its two-hundred day moving average is $332.72. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $408.38. The firm has a market capitalization of $55.84 billion, a price-to-earnings ratio of 19.05, a P/E/G ratio of 1.98 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last released its quarterly earnings results 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 net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period in the previous year, the business earned $5.26 earnings per share. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. 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. Cummins's payout ratio is presently 34.23%.

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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