FORA Capital LLC Purchases Shares of 9,073 Cummins Inc. $CMI

Key Points

• FORA Capital LLC acquired 9,073 shares of Cummins Inc., valued at approximately $2,844,000, in the first quarter of this year.
• Cummins Inc. announced a quarterly dividend of $2.00 per share, increasing from the prior dividend of $1.82, with a total annual yield of 2.0%.
• Insider trading reports revealed that CFO Mark Andrew Smith and Director Karen H. Quintos sold shares, decreasing their ownership by 17.07% and 20%, respectively.

FORA Capital LLC bought a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm bought 9,073 shares of the company's stock, valued at approximately $2,844,000.

A number of other large investors have also recently modified their holdings of the business. Fiduciary Trust Co boosted its holdings in shares of Cummins by 1.2% during the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock valued at $856,000 after acquiring an additional 28 shares in the last quarter. Bank of Jackson Hole Trust lifted its holdings in Cummins by 1.2% during the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock worth $887,000 after buying an additional 33 shares during the period. Scotia Capital Inc. lifted its holdings in Cummins by 0.5% during the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company's stock worth $2,104,000 after buying an additional 34 shares during the period. Van Hulzen Asset Management LLC lifted its holdings in Cummins by 1.2% during the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company's stock worth $872,000 after buying an additional 34 shares during the period. Finally, PKS Advisory Services LLC lifted its stake in shares of Cummins by 2.4% in the 1st quarter. PKS Advisory Services LLC now owns 1,497 shares of the company's stock valued at $469,000 after purchasing an additional 35 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Stock Performance

Shares of CMI stock traded down $3.49 during trading on Friday, hitting $398.43. The company's stock had a trading volume of 593,343 shares, compared to its average volume of 886,784. The company has a market cap of $54.90 billion, a PE ratio of 18.73, a P/E/G ratio of 1.93 and a beta of 1.02. 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 business has a fifty day moving average of $363.36 and a 200-day moving average of $335.29. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $408.38.

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

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a 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 dividend payout ratio is currently 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The stock was 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 represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,039 shares of company stock valued at $10,385,075 in the last quarter. Insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

CMI has been the topic of a number of research reports. Robert W. Baird upped their price target on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Wells Fargo & Company raised Cummins to an "overweight" rating in a research note on Monday, August 11th. Morgan Stanley increased their price objective on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Finally, Citigroup increased their price objective on Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a research note on Wednesday, August 6th. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cummins currently has an average rating of "Hold" and a consensus price target of $370.83.

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.