Woodline Partners LP Has $15.53 Million Stake in Cummins Inc. $CMI

Key Points

• Woodline Partners LP significantly increased its stake in Cummins Inc. by 501.4%, owning 49,540 shares worth approximately $15.53 million following the acquisition of an additional 41,302 shares.
• Cummins reported an impressive EPS of $6.43 for the last quarter, exceeding analysts' expectations, despite a slight 1.7% decline in revenue year-over-year.
• The company raised its quarterly dividend to $2.00 per share, up from $1.82, reflecting a positive 2.0% dividend yield and a payout ratio of 37.61%.

Woodline Partners LP boosted its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 501.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 49,540 shares of the company's stock after buying an additional 41,302 shares during the period. Woodline Partners LP's holdings in Cummins were worth $15,528,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CMI. Capital A Wealth Management LLC bought a new stake in shares of Cummins during the 4th quarter valued at $32,000. Olde Wealth Management LLC acquired a new stake in shares of Cummins during the first quarter worth $30,000. Accredited Wealth Management LLC bought a new stake in Cummins in the first quarter valued at about $31,000. Opal Wealth Advisors LLC acquired a new position in Cummins in the first quarter valued at about $37,000. Finally, Richardson Financial Services Inc. acquired a new position in Cummins in the first quarter valued at about $39,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Cummins Trading Up 2.6%

CMI opened at $404.89 on Thursday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $408.38. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The firm's fifty day moving average is $375.00 and its two-hundred day moving average is $336.77. The firm has a market cap of $55.79 billion, a PE ratio of 19.04, a price-to-earnings-growth ratio of 1.91 and a beta of 1.02.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts' consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same period last year, the business posted $5.26 earnings per share. The firm's quarterly revenue was down 1.7% on a year-over-year basis. Equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were issued a dividend of $2.00 per share. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins's previous quarterly dividend of $1.82. This represents a $8.00 dividend on an annualized basis and a dividend yield of 2.0%. Cummins's dividend payout ratio (DPR) is 37.61%.

Insider Buying and Selling at Cummins

In related news, VP Robert Enright sold 1,860 shares of the firm's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president directly owned 955 shares in the company, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 6,500 shares of the firm'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 sale, the chief financial officer owned 31,582 shares in the company, valued at approximately $12,790,710. The trade was a 17.07% 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 valued at $10,385,075 over the last quarter. 0.41% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of several analyst reports. Truist Financial increased their target price on Cummins from $342.00 to $380.00 and gave the company a "hold" rating in a research note on Thursday, August 7th. Barclays increased their target price on Cummins from $381.00 to $387.00 and gave the company an "equal weight" rating in a research note on Monday, July 21st. Melius Research upgraded shares of Cummins from a "hold" rating to a "buy" rating and set a $500.00 target price on the stock in a report on Wednesday, September 3rd. Robert W. Baird increased their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. Finally, Citigroup increased their target price on shares of Cummins from $380.00 to $425.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Nine equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cummins currently has a consensus 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.

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