Longfellow Investment Management Co. LLC Purchases 941 Shares of Cummins Inc. (NYSE:CMI)

Key Points

• Longfellow Investment Management Co. LLC increased its stake in Cummins Inc. by 54.3%, acquiring an additional 941 shares, bringing total holdings to 2,675 shares worth approximately $838,000.
• In the first quarter, other investors like GAMMA Investing LLC increased their stake by a remarkable 38,220.5%, now holding 1,191,385 shares valued at about $373,428,000.
• Cummins recently announced a $2.00 quarterly dividend, an increase from the previous $1.82, with an annualized yield of 2.1% and a payout ratio of 34.23%.

Longfellow Investment Management Co. LLC boosted its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 54.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,675 shares of the company's stock after purchasing an additional 941 shares during the period. Longfellow Investment Management Co. LLC's holdings in Cummins were worth $838,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Fiduciary Trust Co boosted its position in Cummins by 1.2% during the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after purchasing an additional 28 shares during the period. Bank of Jackson Hole Trust boosted its position in shares of Cummins by 1.2% in the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock valued at $887,000 after acquiring an additional 33 shares during the period. Scotia Capital Inc. lifted its position in Cummins by 0.5% during the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company's stock worth $2,104,000 after purchasing an additional 34 shares during the period. Ascent Group LLC raised its stake in Cummins by 2.7% during the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after acquiring an additional 37 shares in the last quarter. Finally, Central Pacific Bank Trust Division increased its stake in shares of Cummins by 5.0% in the first quarter. Central Pacific Bank Trust Division now owns 815 shares of the company's stock valued at $255,000 after buying an additional 39 shares during the period. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on CMI shares. Citigroup increased their target price on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Morgan Stanley increased their price target on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a report on Tuesday, May 6th. Truist Financial increased their target price on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. Evercore ISI cut their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. Finally, Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $370.83.

Cummins Price Performance

CMI stock traded down $5.19 during mid-day trading on Friday, reaching $399.61. 256,028 shares of the company traded hands, compared to its average volume of 886,537. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company has a market capitalization of $55.06 billion, a P/E ratio of 18.78, a P/E/G ratio of 1.98 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $408.38. The company has a fifty day moving average price of $346.07 and a 200-day moving average price of $332.72.

Cummins (NYSE:CMI - Get Free Report) last posted 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 business had revenue of $8.64 billion during 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 company's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.26 EPS. As a group, analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

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

Insider Activity

In other news, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction dated 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 completion of the sale, the vice president owned 7,693 shares in the company, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Jennifer Mary Bush sold 520 shares of Cummins stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $388.13, for a total value of $201,827.60. Following the sale, the vice president owned 15,130 shares of the company's stock, valued at approximately $5,872,406.90. This trade represents a 3.32% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 17,870 shares of company stock worth $7,091,899. 0.41% of the stock is currently owned by insiders.

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.