Kovitz Investment Group Partners LLC Has $13.31 Million Holdings in Cummins Inc. (NYSE:CMI)

Key Points

• Kovitz Investment Group Partners LLC increased its holdings in Cummins Inc. by 383.7% during the 1st quarter, now owning 42,457 shares worth approximately $13.31 million.
• Cummins reported a quarterly EPS of $6.43, exceeding analysts' expectations of $5.21, while revenue for the quarter was $8.64 billion.
• The company recently announced a quarterly dividend of $2.00 per share, an increase from the previous quarter's dividend of $1.82, representing a 2.0% yield.

Kovitz Investment Group Partners LLC lifted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 383.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,457 shares of the company's stock after purchasing an additional 33,679 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Cummins were worth $13,308,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Cummins by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company's stock worth $5,417,331,000 after purchasing an additional 321,823 shares in the last quarter. Northern Trust Corp grew its holdings in shares of Cummins by 15.1% during the 4th quarter. Northern Trust Corp now owns 1,883,012 shares of the company's stock worth $656,418,000 after purchasing an additional 246,807 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Cummins by 6.5% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,626,093 shares of the company's stock worth $566,856,000 after purchasing an additional 99,009 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Cummins by 0.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,585,802 shares of the company's stock worth $552,820,000 after purchasing an additional 12,722 shares in the last quarter. Finally, Royal Bank of Canada grew its holdings in shares of Cummins by 3.7% during the 4th quarter. Royal Bank of Canada now owns 1,271,279 shares of the company's stock worth $443,169,000 after purchasing an additional 44,907 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Price Performance

Cummins stock opened at $405.25 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The firm has a market cap of $55.84 billion, a P/E ratio of 19.05, a P/E/G ratio of 1.98 and a beta of 1.02. The business's fifty day moving average is $346.07 and its two-hundred day moving average is $332.72. 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 posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. The company had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%. The business's revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.26 earnings per share. Equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's payout ratio is currently 34.23%.

Insider Activity

In other news, VP Luther E. Peters sold 4,850 shares of the company's 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 transaction, the vice president owned 7,693 shares of the company's stock, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Andrew Smith sold 6,500 shares of the company's stock in a transaction on 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 transaction, the chief financial officer directly owned 31,582 shares in the company, valued at $12,790,710. This trade represents a 17.07% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,870 shares of company stock valued at $7,091,899 over the last 90 days. 0.41% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of several recent research reports. Wells Fargo & Company raised Cummins to an "overweight" rating in a report on Monday. Barclays boosted their price target on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Evercore ISI decreased their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a research note on Monday, May 19th. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research note on Monday. Finally, Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the company an "overweight" rating in a research note on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $370.83.

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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