LSV Asset Management Sells 78,969 Shares of Cummins Inc. (NYSE:CMI)

Key Points

• LSV Asset Management reduced its stake in Cummins Inc. by 6.7%, selling 78,969 shares, which now represents approximately 0.8% of their portfolio.
• A recent quarterly dividend increase from $1.82 to $2.00 per share signifies a positive outlook, resulting in a dividend yield of 2.2%.
• Research firms have mixed ratings on Cummins, with a consensus price target around $361.92 and recent target adjustments showing both increases and decreases.

LSV Asset Management lessened its position in Cummins Inc. (NYSE:CMI - Free Report) by 6.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,105,935 shares of the company's stock after selling 78,969 shares during the period. Cummins makes up 0.8% of LSV Asset Management's holdings, making the stock its 23rd largest position. LSV Asset Management owned about 0.80% of Cummins worth $346,644,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Fiduciary Trust Co grew its holdings in shares of Cummins by 1.2% in the 4th quarter. Fiduciary Trust Co now owns 2,456 shares of the company's stock worth $856,000 after acquiring an additional 28 shares during the last quarter. Bank of Jackson Hole Trust grew its holdings in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company's stock worth $887,000 after acquiring an additional 33 shares during the last quarter. Garrison Point Advisors LLC grew its holdings in shares of Cummins by 1.1% in the 4th quarter. Garrison Point Advisors LLC now owns 3,190 shares of the company's stock worth $1,112,000 after acquiring an additional 35 shares during the last quarter. Ascent Group LLC grew its holdings in shares of Cummins by 2.7% in the 4th quarter. Ascent Group LLC now owns 1,417 shares of the company's stock worth $494,000 after acquiring an additional 37 shares during the last quarter. Finally, Central Pacific Bank Trust Division grew its holdings in shares of Cummins by 5.0% in the 1st quarter. Central Pacific Bank Trust Division now owns 815 shares of the company's stock worth $255,000 after acquiring an additional 39 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other news, Director John H. Stone purchased 1,000 shares of the stock in a transaction that occurred on Friday, May 16th. The shares were purchased at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the completion of the purchase, the director directly owned 2,441 shares of the company's stock, valued at approximately $810,607.28. The trade was a 69.40% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.41% of the company's stock.

Cummins Stock Up 2.3%

Shares of NYSE:CMI traded up $8.74 on Wednesday, reaching $381.97. The company had a trading volume of 1,089,605 shares, compared to its average volume of 883,170. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $387.90. The company has a quick ratio of 0.81, a current ratio of 1.34 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $52.62 billion, a P/E ratio of 19.00, a P/E/G ratio of 2.01 and a beta of 1.02. The stock has a 50-day moving average price of $336.13 and a 200 day moving average price of $331.08.

Cummins (NYSE:CMI - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a return on equity of 26.88% and a net margin of 8.20%. The business had revenue of $8.64 billion during the quarter, compared to analysts' expectations of $8.45 billion. During the same quarter in the previous year, the firm earned $5.26 EPS. The firm's revenue was down 1.7% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 2.1%. This is a boost from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is presently 37.61%.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and lifted their price target for the company from $410.00 to $431.00 in a report on Tuesday, May 27th. Truist Financial lowered their price target on Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a report on Tuesday, April 8th. Barclays lifted their price target on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Finally, Evercore ISI lowered their price target on Cummins from $451.00 to $419.00 and set an "outperform" rating on the stock in a report on Monday, May 19th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $361.92.

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.