Thurston Springer Miller Herd & Titak Inc. Boosts Position in Cummins Inc. $CMI

Key Points

• Thurston Springer Miller Herd & Titak Inc. increased its stake in Cummins Inc. by 30.3%, now holding 3,305 shares valued at approximately $1,083,000.
• Cummins reported earnings of $6.43 per share for the last quarter, exceeding estimates and reflecting a revenue of $8.64 billion, despite a year-over-year revenue decline of 1.7%.
• The company approved a quarterly dividend of $2.00, increasing the annualized dividend to $8.00 with a yield of 1.9%.

Thurston Springer Miller Herd & Titak Inc. lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 30.3% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,305 shares of the company's stock after purchasing an additional 768 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in Cummins were worth $1,083,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Brighton Jones LLC increased its holdings in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company's stock valued at $736,000 after buying an additional 83 shares during the period. NorthRock Partners LLC purchased a new stake in shares of Cummins during the fourth quarter worth about $273,000. ProShare Advisors LLC increased its stake in Cummins by 13.7% during the 4th quarter. ProShare Advisors LLC now owns 20,079 shares of the company's stock valued at $7,000,000 after purchasing an additional 2,421 shares in the last quarter. Rafferty Asset Management LLC increased its position in shares of Cummins by 11.5% in the 4th quarter. Rafferty Asset Management LLC now owns 12,816 shares of the company's stock valued at $4,468,000 after acquiring an additional 1,324 shares during the period. Finally, Toronto Dominion Bank raised its stake in shares of Cummins by 17.0% in the fourth quarter. Toronto Dominion Bank now owns 69,814 shares of the company's stock worth $24,336,000 after purchasing an additional 10,133 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Down 0.0%

Shares of CMI opened at $410.84 on Monday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $413.77. The firm has a market capitalization of $56.61 billion, a P/E ratio of 19.32, a P/E/G ratio of 1.98 and a beta of 1.02. The firm has a 50-day moving average price of $378.17 and a 200 day moving average price of $337.07. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. The company 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 firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.26 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.9%. This is an increase from Cummins's previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. Cummins's dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CMI shares. Robert W. Baird boosted their target price on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Citigroup increased their price target on shares of Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Melius raised shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Evercore ISI reissued an "outperform" rating on shares of Cummins in a research note on Tuesday, August 19th. Finally, Truist Financial lifted their price target on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Nine research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $389.29.

Insider Activity

In other news, VP Luther E. Peters sold 4,850 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction on Friday, August 22nd. The shares were 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 owned 955 shares of the company's stock, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,039 shares of company stock worth $10,385,075 over the last 90 days. Company 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.

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