Exchange Traded Concepts LLC Raises Holdings in Cummins Inc. $CMI

Key Points

• Exchange Traded Concepts LLC raised its holdings in Cummins Inc. by 92.1% during Q2, owning 7,863 shares worth approximately $2.58 million after acquiring additional shares.
• Cummins recently increased its quarterly dividend to $2.00 per share, up from $1.82, reflecting an annualized yield of 1.9%.
• Analyst ratings for Cummins have been positive, with several upgrades and a consensus rating of "Moderate Buy" and an average price target of $389.29.

Exchange Traded Concepts LLC raised its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 92.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,863 shares of the company's stock after acquiring an additional 3,769 shares during the period. Exchange Traded Concepts LLC's holdings in Cummins were worth $2,575,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Capital A Wealth Management LLC bought a new stake in shares of Cummins in the 4th quarter worth approximately $32,000. Olde Wealth Management LLC purchased a new position in Cummins during the first quarter valued at $30,000. Accredited Wealth Management LLC purchased a new position in Cummins during the first quarter valued at $31,000. Opal Wealth Advisors LLC purchased a new position in Cummins during the first quarter valued at $37,000. Finally, Richardson Financial Services Inc. purchased a new position in shares of Cummins in the first quarter worth $39,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

NYSE:CMI opened at $423.59 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $58.37 billion, a P/E ratio of 19.91, a P/E/G ratio of 2.05 and a beta of 1.02. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $428.96. The business's 50-day moving average is $386.60 and its 200 day moving average is $339.41.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping 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 company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period in the previous year, the business earned $5.26 earnings per share. The firm's revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins's dividend payout ratio (DPR) is currently 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, CFO Mark Andrew Smith sold 1,580 shares of the company's stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $419.00, for a total transaction of $662,020.00. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at $13,232,858. This represents a 4.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, VP Robert Enright sold 1,860 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,119 shares of company stock valued at $14,159,885. Corporate insiders own 0.41% of the company's stock.

Analyst Ratings Changes

CMI has been the subject of several recent analyst reports. Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Robert W. Baird upped their price objective on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Truist Financial upped their price objective on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research report on Thursday, August 7th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Finally, Citigroup upped their price objective on Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Nine 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's stock. Based on data from MarketBeat, Cummins has an average rating of "Moderate Buy" and an average price target of $389.29.

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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