995 Shares in Cummins Inc. $CMI Purchased by Quarry LP

Key Points

• Quarry LP has acquired a new investment in Cummins Inc., purchasing 995 shares valued at approximately $312,000 in the first quarter of the year.
• Cummins has reported strong quarterly earnings, with an EPS of $6.43, exceeding analysts' expectations and reflecting a year-over-year revenue decline of 1.7%.
• The company also declared a quarterly dividend increase from $1.82 to $2.00, demonstrating a commitment to returning value to shareholders with an annualized yield of 2.0%.

Quarry LP purchased a new stake in Cummins Inc. (NYSE:CMI - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 995 shares of the company's stock, valued at approximately $312,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Baird Financial Group Inc. increased its holdings in shares of Cummins by 43.1% in the 1st quarter. Baird Financial Group Inc. now owns 60,703 shares of the company's stock valued at $19,027,000 after acquiring an additional 18,294 shares during the period. Pinnacle Wealth Planning Services Inc. grew its stake in Cummins by 100.2% during the 1st quarter. Pinnacle Wealth Planning Services Inc. now owns 1,173 shares of the company's stock worth $368,000 after buying an additional 587 shares during the last quarter. Vident Advisory LLC grew its stake in Cummins by 64.1% during the 1st quarter. Vident Advisory LLC now owns 11,452 shares of the company's stock worth $3,590,000 after buying an additional 4,474 shares during the last quarter. Kodai Capital Management LP purchased a new position in Cummins during the 1st quarter worth $20,049,000. Finally, The Manufacturers Life Insurance Company grew its stake in Cummins by 1.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 286,359 shares of the company's stock worth $89,757,000 after buying an additional 3,991 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CMI. JPMorgan Chase & Co. boosted their target price on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $410.00 to $431.00 in a research note on Tuesday, May 27th. Robert W. Baird boosted their target price on Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research note on Monday, August 11th. Finally, Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a research note on Wednesday. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cummins currently has an average rating of "Moderate Buy" and an average target price of $389.29.

Insiders Place Their Bets

In related news, VP Luther E. Peters sold 4,850 shares of the company's 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 transaction, the vice president 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Robert Enright sold 1,860 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the transaction, the vice president directly owned 955 shares of the company's stock, valued at $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,039 shares of company stock worth $10,385,075. 0.41% of the stock is currently owned by company insiders.

Cummins Stock Performance

Shares of CMI stock traded down $3.53 on Wednesday, hitting $391.70. The company had a trading volume of 680,509 shares, compared to its average volume of 824,873. The firm has a market cap of $53.97 billion, a P/E ratio of 18.42, a price-to-earnings-growth ratio of 1.93 and a beta of 1.02. The company has a 50-day moving average price of $367.86 and a 200-day moving average price of $336.03. 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 twelve month low of $260.02 and a twelve month high of $408.38.

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

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a $2.00 dividend. This is a boost from Cummins's previous quarterly dividend of $1.82. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. Cummins's payout ratio is presently 37.61%.

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.