Hamlin Capital Management LLC Buys 12,624 Shares of Cummins Inc. $CMI

Key Points

• Hamlin Capital Management LLC increased its stake in Cummins Inc. by 2.4%, acquiring an additional 12,624 shares during the second quarter, now holding 542,237 shares valued at approximately $177.58 million.
• Several institutional investors also raised their stakes in Cummins, with notable increases from Brighton Jones LLC (4.1%), GAMMA Investing LLC (22.3%), and Wealth Enhancement Advisory Services LLC (35.3%).
• Cummins recently reported earnings of $6.43 per share, exceeding expectations, and announced a quarterly dividend of $2.00 per share, highlighting strong financial performance despite a 1.7% year-over-year decrease in revenue.

Hamlin Capital Management LLC increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 2.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 542,237 shares of the company's stock after acquiring an additional 12,624 shares during the period. Cummins comprises approximately 4.1% of Hamlin Capital Management LLC's investment portfolio, making the stock its 12th largest holding. Hamlin Capital Management LLC owned 0.39% of Cummins worth $177,583,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of CMI. Brighton Jones LLC raised its stake in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after buying an additional 83 shares during the period. GAMMA Investing LLC raised its stake in Cummins by 22.3% in the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company's stock valued at $1,191,000 after buying an additional 692 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in Cummins by 35.3% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 31,658 shares of the company's stock valued at $9,923,000 after buying an additional 8,261 shares during the period. Janney Montgomery Scott LLC raised its stake in Cummins by 4.2% in the first quarter. Janney Montgomery Scott LLC now owns 44,808 shares of the company's stock valued at $14,045,000 after buying an additional 1,823 shares during the period. Finally, State of Alaska Department of Revenue raised its stake in Cummins by 2.9% in the first quarter. State of Alaska Department of Revenue now owns 16,103 shares of the company's stock valued at $5,047,000 after buying an additional 460 shares during the period. Institutional investors own 83.46% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CMI. Citigroup upped their price objective on Cummins from $425.00 to $485.00 and gave the company a "buy" rating in a research note on Tuesday, September 23rd. Barclays upped their price objective on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Melius Research upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research note on Monday, August 11th. Finally, Robert W. Baird upped their target price on Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Cummins has an average rating of "Moderate Buy" and an average target price of $407.43.

Insider Buying and Selling at Cummins

In related news, CFO Mark Andrew Smith sold 8,000 shares of the stock in a transaction that occurred on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer owned 31,582 shares of the company's stock, valued at $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Robert Enright sold 1,860 shares of the stock in a transaction that occurred 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 directly owned 955 shares in the company, valued at $384,158.30. This represents a 66.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,119 shares of company stock valued at $17,674,285 over the last ninety days. 0.41% of the stock is owned by corporate insiders.

Cummins Price Performance

Cummins stock opened at $411.84 on Friday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51. The stock's 50 day moving average is $411.10 and its 200-day moving average is $352.75. 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 $56.75 billion, a price-to-earnings ratio of 19.36, a PEG ratio of 2.04 and a beta of 1.04.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 EPS 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 company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the prior 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. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins's dividend payout ratio is currently 37.61%.

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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