Lord Abbett & CO. LLC Has $105.13 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Key Points

• Lord Abbett & CO. LLC increased its stake in Cummins Inc. by 24.6% during the first quarter, now holding approximately $105.13 million worth of shares.
• Cummins recently announced a quarterly dividend payout of $2.00 per share, up from the previous $1.82, reflecting a dividend yield of 2.0%.
• The company's stock received several price target upgrades from analysts, with the consensus price target currently set at $370.83.

Lord Abbett & CO. LLC boosted its stake in Cummins Inc. (NYSE:CMI - Free Report) by 24.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 335,392 shares of the company's stock after buying an additional 66,110 shares during the period. Lord Abbett & CO. LLC owned 0.24% of Cummins worth $105,125,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Fayez Sarofim & Co grew its holdings in Cummins by 72.3% during the fourth quarter. Fayez Sarofim & Co now owns 8,195 shares of the company's stock worth $2,857,000 after acquiring an additional 3,440 shares during the period. Alpha Cubed Investments LLC purchased a new position in Cummins in the 1st quarter worth about $440,000. Assenagon Asset Management S.A. increased its stake in Cummins by 8.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company's stock worth $4,283,000 after purchasing an additional 1,114 shares in the last quarter. Artemis Investment Management LLP increased its stake in Cummins by 19.1% in the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company's stock worth $2,428,000 after purchasing an additional 1,241 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company's stock worth $381,129,000 after purchasing an additional 126,362 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

Shares of CMI traded down $6.35 on Friday, reaching $398.45. 701,253 shares of the stock traded hands, compared to its average volume of 1,050,250. The firm has a market cap of $54.90 billion, a price-to-earnings ratio of 18.73, a P/E/G ratio of 1.95 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $408.38. The stock's 50-day moving average price is $347.51 and its 200-day moving average price is $332.91.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly 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 analysts' expectations 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% compared to the same quarter last year. During the same period in the prior year, the business posted $5.26 earnings per share. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

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

Insiders Place Their Bets

In other news, VP Jennifer Mary Bush sold 520 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $388.13, for a total transaction of $201,827.60. Following the sale, the vice president owned 15,130 shares in the company, valued at approximately $5,872,406.90. This represents a 3.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Luther E. Peters sold 4,850 shares of the stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the sale, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. The trade was a 38.67% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 22,872 shares of company stock worth $9,107,105 over the last ninety days. Company insiders own 0.41% of the company's stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of research reports. JPMorgan Chase & Co. raised their price objective on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Robert W. Baird raised their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research report on Monday, August 11th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $410.00 to $431.00 in a research report on Tuesday, May 27th. Finally, Truist Financial raised their price objective on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. One investment 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. According to data from MarketBeat, Cummins presently has an average rating of "Hold" and an average price target of $370.83.

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.