Cummins Inc. $CMI Shares Acquired by UniSuper Management Pty Ltd

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 grew its position in shares of Cummins Inc. (NYSE:CMI - Free Report) by 6.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,468 shares of the company's stock after purchasing 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.

Other institutional investors and hedge funds have also modified their holdings of the company. Scientech Research LLC grew its stake in Cummins by 244.9% in the 1st quarter. Scientech Research LLC now owns 6,733 shares of the company's stock worth $2,110,000 after acquiring an additional 4,781 shares during the period. Petrus Trust Company LTA grew its stake in Cummins by 96.8% in the 1st quarter. Petrus Trust Company LTA now owns 1,657 shares of the company's stock worth $519,000 after acquiring an additional 815 shares during the period. Nissay Asset Management Corp Japan ADV grew its stake in Cummins by 1.3% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 17,272 shares of the company's stock worth $5,414,000 after acquiring an additional 223 shares during the period. NewEdge Advisors LLC increased its stake 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 purchasing an additional 14,528 shares during the last quarter. Finally, Integrated Wealth Concepts LLC increased its stake 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 purchasing an additional 646 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insiders Place Their Bets

In related news, CFO Mark Andrew Smith sold 6,500 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total value of $2,632,500.00. Following the sale, the chief financial officer owned 31,582 shares of the company's stock, valued at approximately $12,790,710. This trade represents a 17.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 sale, the vice president directly owned 955 shares in the company, valued at $384,158.30. The trade was a 66.07% decrease in their position. The disclosure for this sale can be found here. In 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 insiders.

Cummins Stock Performance

Shares of NYSE CMI traded up $6.23 during mid-day trading on Thursday, hitting $411.50. The company had a trading volume of 875,542 shares, compared to its average volume of 671,554. The stock has a market cap of $56.70 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 1.96 and a beta of 1.02. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $413.66. 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 firm's 50 day simple moving average is $375.00 and its two-hundred day simple moving average is $336.77.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly 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 business had revenue of $8.64 billion for 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%.The business's revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the business posted $5.26 EPS. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

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

Analysts Set New Price Targets

Several research firms recently commented on CMI. Melius upgraded Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Wells Fargo & Company upgraded Cummins to an "overweight" rating in a research note on Monday, August 11th. Wolfe Research upgraded Cummins from a "hold" rating to an "outperform" rating in a research note on Monday, August 11th. Barclays raised their price objective on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Finally, The Goldman Sachs Group upgraded Cummins from a "neutral" rating to a "buy" rating and raised their price objective for the company from $410.00 to $431.00 in a research note on Tuesday, May 27th. Nine investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Cummins currently has an average rating of "Moderate Buy" and a consensus target price of $389.29.

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.