Partners Capital Investment Group LLP Makes New Investment in Cummins Inc. $CMI

Key Points

• Partners Capital Investment Group LLP acquired 1,209 shares of Cummins Inc. valued at approximately $379,000 in the first quarter, contributing to the overall institutional ownership of over 83% in the company.
• Cummins reported earnings of $6.43 per share for the last quarter, exceeding analyst estimates, and total revenue of $8.64 billion, although down 1.7% year-over-year.
• The company recently announced an increase in its quarterly dividend to $2.00, resulting in an annualized yield of 2.0%, reflecting a strong commitment to returning value to shareholders.

Partners Capital Investment Group LLP bought a new position in Cummins Inc. (NYSE:CMI - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 1,209 shares of the company's stock, valued at approximately $379,000.

Several other institutional investors have also recently bought and sold shares of the company. Olde Wealth Management LLC acquired a new position in Cummins during the 1st quarter valued at $30,000. Accredited Wealth Management LLC acquired a new position in Cummins during the 1st quarter valued at $31,000. Capital A Wealth Management LLC acquired a new position in Cummins during the 4th quarter valued at $32,000. Opal Wealth Advisors LLC acquired a new position in Cummins during the 1st quarter valued at $37,000. Finally, Richardson Financial Services Inc. acquired a new position in Cummins during the 1st quarter valued at $39,000. Institutional investors own 83.46% of the company's stock.

Analyst Ratings Changes

CMI has been the subject of several research analyst reports. JPMorgan Chase & Co. upped their target price on shares of Cummins from $308.00 to $320.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Morgan Stanley raised their target price on Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 6th. Wolfe Research raised Cummins from a "hold" rating to an "outperform" rating in a research report on Monday, August 11th. Barclays raised their target price on Cummins from $381.00 to $387.00 and gave the stock an "equal weight" rating in a research report on Monday, July 21st. Finally, Truist Financial raised their target price on Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a research report on Thursday, August 7th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $370.83.

Cummins Price Performance

CMI stock traded up $7.8750 during trading on Friday, hitting $402.0750. The company had a trading volume of 775,198 shares, compared to its average volume of 939,606. The company has a fifty day moving average price of $355.04 and a two-hundred day moving average price of $334.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. The company has a market cap of $55.40 billion, a P/E ratio of 18.90, a P/E/G ratio of 1.94 and a beta of 1.02. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $408.38.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The business had revenue of $8.64 billion for 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 quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.26 EPS. Equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Friday, August 22nd will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is 37.61%.

Insider Activity

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total value of $529,766.31. Following the transaction, the director directly owned 5,227 shares in the company, valued at approximately $2,118,659.91. This trade represents a 20.00% decrease in their position. The sale was disclosed in a 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 on Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total value of $2,632,500.00. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at $12,790,710. The trade was a 17.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,179 shares of company stock worth $9,636,871. 0.41% of the stock is currently owned by insiders.

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.