Cummins Inc. $CMI Shares Acquired by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in Cummins Inc. by 1.2%, owning 1,905,214 shares valued at approximately $597 million as of the latest filing.
• Cummins reported earnings of $6.43 per share, exceeding analysts' expectations, and announced a quarterly dividend increase to $2.00 per share, with a dividend yield of 2.0%.
• Shares of Cummins Inc. opened at $402.13, with a market capitalization of $55.41 billion and a 1-year high of $408.38.

Northern Trust Corp increased its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 1.2% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,905,214 shares of the company's stock after buying an additional 22,202 shares during the quarter. Northern Trust Corp owned about 1.38% of Cummins worth $597,170,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in CMI. GAMMA Investing LLC lifted its position in Cummins by 38,220.5% during the 1st quarter. GAMMA Investing LLC now owns 1,191,385 shares of the company's stock worth $373,428,000 after acquiring an additional 1,188,276 shares during the period. Raymond James Financial Inc. lifted its position in Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company's stock worth $424,414,000 after acquiring an additional 817,384 shares during the period. Nuveen LLC acquired a new stake in Cummins during the 1st quarter worth approximately $109,120,000. Vanguard Group Inc. lifted its position in 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 acquiring an additional 321,823 shares during the period. Finally, Balyasny Asset Management L.P. lifted its position in Cummins by 5,553.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 134,052 shares of the company's stock worth $46,731,000 after acquiring an additional 131,681 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on CMI shares. Truist Financial raised their price target 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. raised 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. Robert W. Baird lifted their price objective on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Wells Fargo & Company raised Cummins to an "overweight" rating in a report on Monday, August 11th. Finally, Citigroup lifted their price objective on Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Cummins presently has an average rating of "Hold" and an average price target of $370.83.

Insider Transactions at Cummins

In related news, CFO Mark Andrew Smith sold 6,500 shares of Cummins stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $12,790,710. This trade represents a 17.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of Cummins stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the completion of the transaction, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,179 shares of company stock valued at $9,636,871 in the last ninety days. Company insiders own 0.41% of the company's stock.

Cummins Trading Up 2.0%

Shares of NYSE:CMI traded up $7.8750 during midday trading on Friday, reaching $402.0750. The company's stock had a trading volume of 775,198 shares, compared to its average volume of 935,740. The firm has a market cap of $55.40 billion, a price-to-earnings ratio of 18.90, a price-to-earnings-growth ratio of 1.90 and a beta of 1.02. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $408.38. The business has a 50 day moving average price of $355.04 and a 200 day moving average price of $334.53.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating analysts' consensus estimates of $5.21 by $1.22. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. During the same quarter in the previous year, the business earned $5.26 earnings per share. The business's revenue for the quarter was down 1.7% on a year-over-year basis. Research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

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

About Cummins

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.