Nuveen LLC Invests $109.12 Million in Cummins Inc. (NYSE:CMI)

Key Points

• Nuveen LLC invested approximately $109.12 million in Cummins Inc., acquiring 348,137 shares and representing 0.25% ownership of the company.
• Cummins recently announced a quarterly dividend increase to $2.00 per share, up from $1.82, with a dividend yield of 2.0%.
• The company reported $6.43 earnings per share for the latest quarter, exceeding analyst expectations, with a revenue of $8.64 billion.

Nuveen LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 348,137 shares of the company's stock, valued at approximately $109,120,000. Nuveen LLC owned 0.25% of Cummins as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Capital A Wealth Management LLC acquired a new position in shares of Cummins during the fourth quarter valued at $32,000. Olde Wealth Management LLC acquired a new position in shares of Cummins during the first quarter valued at $30,000. Opal Wealth Advisors LLC acquired a new position in shares of Cummins during the first quarter valued at $37,000. Richardson Financial Services Inc. acquired a new position in shares of Cummins during the first quarter valued at $39,000. Finally, Costello Asset Management INC acquired a new position in shares of Cummins during the first quarter valued at $40,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CMI. Barclays raised 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. Wells Fargo & Company raised Cummins to an "overweight" rating in a research note on Monday, August 11th. Evercore ISI decreased their target price on Cummins from $451.00 to $419.00 and set an "outperform" rating for the company 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, August 11th. Finally, Truist Financial raised their target price on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, Cummins presently has a consensus rating of "Hold" and a consensus price target of $370.83.

Cummins Trading Down 1.6%

Shares of NYSE:CMI traded down $6.35 during midday trading on Friday, reaching $398.45. The company had a trading volume of 701,253 shares, compared to its average volume of 1,050,250. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $408.38. The firm has a market cap of $54.90 billion, a price-to-earnings ratio of 18.73, a price-to-earnings-growth ratio of 1.95 and a beta of 1.02. The company has a fifty day simple moving average of $347.51 and a two-hundred day simple moving average of $332.91.

Cummins (NYSE:CMI - Get Free Report) last released 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 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%. Cummins's revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter last year, the company posted $5.26 EPS. Research analysts predict that Cummins Inc. will post 22.54 earnings per share 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 paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 2.0%. This is an increase from Cummins's previous quarterly dividend of $1.82. Cummins's dividend payout ratio (DPR) is currently 34.23%.

Insiders Place Their Bets

In related news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction dated 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 completion of the sale, the vice president directly owned 7,693 shares of the company's stock, valued at approximately $2,994,038.67. This represents a 38.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 6,500 shares of the stock in a transaction dated 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 completion of the sale, the chief financial officer directly owned 31,582 shares of the company's stock, valued at approximately $12,790,710. This represents a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 22,872 shares of company stock valued at $9,107,105 in the last 90 days. Insiders own 0.41% of the company's stock.

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.