Cummins Inc. $CMI Stock Holdings Increased by Ieq Capital LLC

Key Points

• Ieq Capital LLC significantly increased its stake in Cummins Inc. by 174.7% in Q1, now holding 33,370 shares worth approximately $10.46 million.
• Several other institutional investors also boosted their positions in Cummins, with a total of 83.46% of the stock owned by hedge funds and other institutions.
• Cummins recently announced a quarterly dividend increase to $2.00 per share, up from $1.82, reflecting an annualized payout of $8.00 and a 2.0% yield.

Ieq Capital LLC raised its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 174.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,370 shares of the company's stock after purchasing an additional 21,220 shares during the period. Ieq Capital LLC's holdings in Cummins were worth $10,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CMI. Fox Run Management L.L.C. bought a new position in shares of Cummins during the first quarter valued at approximately $2,749,000. Alpha Cubed Investments LLC purchased a new stake in Cummins during the first quarter worth $440,000. Assenagon Asset Management S.A. lifted its holdings in Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after buying an additional 1,114 shares during the period. 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 valued at $381,129,000 after purchasing 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 valued at $2,428,000 after purchasing an additional 1,241 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Truist Financial increased their price objective on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Robert W. Baird raised 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. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their target price for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Seven 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $370.83.

Insider Buying and Selling

In other news, CFO Mark Andrew Smith sold 6,500 shares of Cummins stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company's stock, valued at approximately $12,790,710. The trade was a 17.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the business's 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 transaction, the vice president directly owned 20,738 shares of the company's stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their ownership of the stock. 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 currently owned by insiders.

Cummins Trading Down 1.6%

Shares of CMI stock traded down $6.38 during mid-day trading on Tuesday, reaching $392.06. The company's stock had a trading volume of 133,898 shares, compared to its average volume of 870,419. The company's 50 day simple moving average is $364.99 and its 200-day simple moving average is $335.23. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $408.38. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $54.02 billion, a PE ratio of 18.46, a price-to-earnings-growth ratio of 1.93 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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $8.45 billion. During the same quarter in the previous year, the firm posted $5.26 EPS. The firm's quarterly revenue was down 1.7% on a year-over-year basis. On average, research analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be given a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend is Friday, August 22nd. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 37.61%.

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.