Great Lakes Advisors LLC Sells 2,775 Shares of Cummins Inc. $CMI

Key Points

• Great Lakes Advisors LLC reduced its stake in Cummins Inc. by 2.6%, resulting in ownership of 104,921 shares worth approximately $32.9 million after selling 2,775 shares.
• Insider selling activity included Vice President Amy Rochelle Davis, who sold 5,002 shares valued at over $2 million, leading to a 19.43% decrease in her position.
• Cummins announced a quarterly dividend of $2.00 per share, up from the previous $1.82, reflecting a 2.0% dividend yield and a payout ratio of 37.61%.

Great Lakes Advisors LLC reduced its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 104,921 shares of the company's stock after selling 2,775 shares during the period. Great Lakes Advisors LLC owned approximately 0.08% of Cummins worth $32,887,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Fox Run Management L.L.C. bought a new stake in shares of Cummins during the 1st quarter worth $2,749,000. Alpha Cubed Investments LLC bought a new stake in shares of Cummins during the 1st quarter worth $440,000. Assenagon Asset Management S.A. lifted its holdings in shares of Cummins by 8.9% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after acquiring an additional 1,114 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock worth $381,129,000 after acquiring an additional 126,362 shares during the last quarter. Finally, Artemis Investment Management LLP lifted its holdings in shares of Cummins by 19.1% during the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock worth $2,428,000 after acquiring an additional 1,241 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president owned 20,738 shares of the company's stock, valued at approximately $8,354,925.44. The trade was a 19.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director directly owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 26,039 shares of company stock worth $10,385,075. 0.41% of the stock is owned by company insiders.

Cummins Price Performance

CMI stock opened at $400.13 on Monday. The firm's 50-day moving average price is $370.88 and its two-hundred day moving average price is $335.67. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $408.38. The stock has a market capitalization of $55.13 billion, a price-to-earnings ratio of 18.81, a PEG 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.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.26 EPS. As a group, equities analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were 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%. 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. Cummins's payout ratio is presently 37.61%.

Analysts Set New Price Targets

Several research firms recently commented on CMI. The Goldman Sachs Group raised shares of Cummins from a "neutral" rating to a "buy" rating and increased their target price for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Barclays increased their target price 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. Truist Financial increased their target price on shares of Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Finally, Wolfe Research raised shares of Cummins from a "hold" rating to an "outperform" rating in a report on Monday, August 11th. 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 stock. According to data from MarketBeat.com, Cummins presently has an average rating of "Moderate Buy" and a consensus target price of $389.29.

Cummins 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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