Sei Investments Co. Acquires 15,698 Shares of Cummins Inc. $CMI

Key Points

• Sei Investments Co. increased its Cummins stake by 13.9% in the first quarter, buying 15,698 additional shares and bringing its total holdings to 129,022 shares worth about $69.4 million.
• Cummins reported better-than-expected quarterly results, with earnings per share of $6.15 versus $5.63 expected and revenue of $8.40 billion versus $8.37 billion expected.
• The company also raised its quarterly dividend to $2.20 per share from $2.00, while analysts currently rate the stock a Moderate Buy with a consensus price target of $740.07.

Sei Investments Co. lifted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 13.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 129,022 shares of the company's stock after buying an additional 15,698 shares during the period. Sei Investments Co. owned about 0.09% of Cummins worth $69,418,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Juno Financial Group LLC purchased a new position in Cummins in the fourth quarter valued at about $883,000. Truist Financial Corp lifted its stake in Cummins by 4.8% in the fourth quarter. Truist Financial Corp now owns 64,005 shares of the company's stock valued at $32,671,000 after purchasing an additional 2,951 shares during the last quarter. Smith Salley Wealth Management grew its holdings in Cummins by 1,381.8% during the fourth quarter. Smith Salley Wealth Management now owns 21,768 shares of the company's stock valued at $11,111,000 after purchasing an additional 20,299 shares during the period. Westfield Capital Management Co. LP bought a new stake in shares of Cummins in the fourth quarter valued at $7,797,000. Finally, Comprehensive Financial Consultants Institutional Inc. grew its stake in shares of Cummins by 643.0% during the 4th quarter. Comprehensive Financial Consultants Institutional Inc. now owns 7,311 shares of the company's stock worth $3,732,000 after acquiring an additional 6,327 shares during the period. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insider Buying and Selling at Cummins

In other Cummins news, VP Nathan R. Stoner sold 607 shares of the firm's stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the sale, the vice president owned 9,447 shares of the company's stock, valued at $6,556,784.82. This trade represents a 6.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the business's stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock worth $9,377,684 over the last ninety days. 0.30% of the stock is owned by company insiders.

Cummins Trading Down 0.2%

Shares of CMI stock opened at $663.96 on Friday. The business has a 50-day moving average of $672.19 and a 200 day moving average of $619.28. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1-year low of $354.68 and a 1-year high of $737.76. The stock has a market capitalization of $91.62 billion, a PE ratio of 34.46, a P/E/G ratio of 1.62 and a beta of 1.22.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business's revenue was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.96 earnings per share. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.39 earnings per share for the current year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a yield of 1.3%. This is an increase from Cummins's previous quarterly dividend of $2.00. Cummins's dividend payout ratio (DPR) is currently 41.52%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CMI. UBS Group restated a "buy" rating on shares of Cummins in a research note on Wednesday, June 17th. Barclays raised their price target on shares of Cummins from $610.00 to $760.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. lifted their price target on Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a research report on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on Cummins in a research note on Wednesday, May 6th. Finally, Weiss Ratings downgraded Cummins from a "buy (b)" rating to a "buy (b-)" rating in a research report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $740.07.

Cummins Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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