Cummins Inc. (NYSE:CMI) Shares Acquired by Townsquare Capital LLC

Key Points

• Townsquare Capital LLC increased its holdings in Cummins Inc. by 38.3%, acquiring an additional 2,287 shares to reach a total of 8,265 shares valued at approximately $2.59 million.
• Insider trading activity includes Director John H. Stone purchasing 1,000 shares of Cummins at an average price of $332.08 per share, raising his ownership stake by 69.4%.
• Analyst ratings show mixed opinions on Cummins, with one sell rating, eight hold ratings, and six buy ratings, alongside a consensus target price of $370.83.

Townsquare Capital LLC boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 38.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,265 shares of the company's stock after buying an additional 2,287 shares during the quarter. Townsquare Capital LLC's holdings in Cummins were worth $2,591,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Forsta AP Fonden raised its position in Cummins by 2.2% in the 1st quarter. Forsta AP Fonden now owns 51,740 shares of the company's stock worth $16,217,000 after buying an additional 1,100 shares during the last quarter. National Bank of Canada FI raised its position in Cummins by 44.3% in the 1st quarter. National Bank of Canada FI now owns 117,343 shares of the company's stock worth $36,784,000 after buying an additional 35,999 shares during the last quarter. AlphaCore Capital LLC raised its position in Cummins by 10.4% in the 1st quarter. AlphaCore Capital LLC now owns 926 shares of the company's stock worth $290,000 after buying an additional 87 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Cummins by 13.4% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 260,392 shares of the company's stock worth $81,636,000 after buying an additional 30,797 shares during the last quarter. Finally, Ironwood Investment Counsel LLC raised its position in Cummins by 2.2% in the 1st quarter. Ironwood Investment Counsel LLC now owns 22,977 shares of the company's stock worth $7,202,000 after buying an additional 498 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Price Performance

CMI stock traded down $7.00 during midday trading on Friday, reaching $397.81. The stock had a trading volume of 355,696 shares, compared to its average volume of 886,925. The company's fifty day simple moving average is $346.07 and its 200 day simple moving average is $332.72. 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 $54.81 billion, a price-to-earnings ratio of 18.70, a price-to-earnings-growth ratio of 1.98 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $408.38.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%. Cummins's revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $5.26 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal 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 issued a dividend of $2.00 per share. This is a boost from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend is Friday, August 22nd. Cummins's dividend payout ratio is currently 34.23%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CMI. Citigroup upped their price target on shares of Cummins from $380.00 to $425.00 and gave the company a "buy" rating in a research report on Wednesday, August 6th. Evercore ISI reduced their price target on shares of Cummins from $451.00 to $419.00 and set an "outperform" rating for the company in a research report on Monday, May 19th. Robert W. Baird upped their price target 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. Wells Fargo & Company raised shares of Cummins to an "overweight" rating in a research report on Monday. Finally, Truist Financial increased their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a "hold" rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of "Hold" and an average price target of $370.83.

Insider Buying and Selling

In related news, CFO Mark Andrew Smith sold 6,500 shares of the company's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the transaction, the chief financial officer owned 31,582 shares of the company's stock, valued at $12,790,710. This represents a 17.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Jennifer Mary Bush sold 520 shares of the business's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $388.13, for a total value of $201,827.60. Following the sale, the vice president owned 15,130 shares in the company, valued at approximately $5,872,406.90. The trade was a 3.32% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 17,870 shares of company stock valued at $7,091,899 over the last quarter. 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.