UniSuper Management Pty Ltd Buys 694 Shares of Cummins Inc. $CMI

Key Points

• UniSuper Management Pty Ltd increased its holdings in Cummins Inc. by 6.4%, bringing its total to 11,468 shares valued at approximately $3.6 million.
• Several institutional investors have also increased their positions in Cummins, with Vanguard Group Inc. owning over $5.4 billion worth of the stock after a 1.9% increase.
• Cummins announced a quarterly dividend of $2.00 per share, an increase from the previous $1.82, representing a yield of 2.0% and a payout ratio of 37.61%.

UniSuper Management Pty Ltd boosted its position in Cummins Inc. (NYSE:CMI - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,468 shares of the company's stock after buying an additional 694 shares during the period. UniSuper Management Pty Ltd's holdings in Cummins were worth $3,595,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Scientech Research LLC lifted its holdings in Cummins by 244.9% in the first quarter. Scientech Research LLC now owns 6,733 shares of the company's stock valued at $2,110,000 after buying an additional 4,781 shares during the period. Petrus Trust Company LTA lifted its holdings in Cummins by 96.8% in the first quarter. Petrus Trust Company LTA now owns 1,657 shares of the company's stock valued at $519,000 after buying an additional 815 shares during the period. Nissay Asset Management Corp Japan ADV lifted its holdings in Cummins by 1.3% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 17,272 shares of the company's stock valued at $5,414,000 after buying an additional 223 shares during the period. NewEdge Advisors LLC lifted its holdings in Cummins by 47.8% in the first quarter. NewEdge Advisors LLC now owns 44,903 shares of the company's stock valued at $14,074,000 after buying an additional 14,528 shares during the period. Finally, Integrated Wealth Concepts LLC lifted its holdings in Cummins by 8.3% in the first quarter. Integrated Wealth Concepts LLC now owns 8,466 shares of the company's stock valued at $2,654,000 after buying an additional 646 shares during the period. Institutional investors and hedge funds own 83.46% of the company's stock.

Insiders Place Their Bets

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the company's stock in a transaction dated 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 sale, the chief financial officer directly owned 31,582 shares of the company's stock, valued at approximately $12,790,710. This represents a 17.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, 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 transaction of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company's stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,039 shares of company stock worth $10,385,075 in the last ninety days. 0.41% of the stock is owned by corporate insiders.

Cummins Stock Down 0.0%

Shares of NYSE:CMI traded down $0.19 during midday trading on Friday, hitting $410.84. 935,925 shares of the company's stock were exchanged, compared to its average volume of 667,847. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The stock has a 50 day moving average price of $378.17 and a 200-day moving average price of $337.07. The company has a market cap of $56.61 billion, a PE ratio of 19.32, a price-to-earnings-growth ratio of 1.98 and a beta of 1.02. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $413.77.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, August 5th. The company reported $6.43 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 the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm's revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $5.26 earnings per share. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. Cummins's payout ratio is currently 37.61%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Truist Financial upped their price objective on shares of Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a report on Thursday, August 7th. Robert W. Baird upped their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Evercore ISI reiterated an "outperform" rating on shares of Cummins in a report on Tuesday, August 19th. Barclays upped their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a report on Monday, July 21st. Finally, Melius upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Nine investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $389.29.

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.