SRN Advisors LLC Increases Stake in Cummins Inc. (NYSE:CMI)

SRN Advisors LLC lifted its position in shares of Cummins Inc. (NYSE:CMI) by 5.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,753 shares of the company’s stock after purchasing an additional 178 shares during the quarter. SRN Advisors LLC’s holdings in Cummins were worth $1,106,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. First United Bank & Trust acquired a new stake in shares of Cummins during the 4th quarter valued at about $25,000. Private Wealth Management Group LLC acquired a new stake in Cummins in the 4th quarter valued at $26,000. DiNuzzo Private Wealth Inc. purchased a new stake in Cummins in the 4th quarter worth $31,000. LRI Investments LLC acquired a new position in Cummins during the first quarter worth $31,000. Finally, JNBA Financial Advisors lifted its holdings in Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after purchasing an additional 100 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 5.1 %

CMI stock traded down $15.73 during mid-day trading on Friday, hitting $290.36. 1,186,131 shares of the company were exchanged, compared to its average volume of 842,567. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83. The firm has a market capitalization of $39.72 billion, a P/E ratio of 21.26, a PEG ratio of 1.93 and a beta of 0.99. The business has a fifty day simple moving average of $280.08 and a 200-day simple moving average of $276.66. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. The firm had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm’s quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the company posted $5.18 EPS. On average, equities research analysts predict that Cummins Inc. will post 18.61 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be issued a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is currently 49.19%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. Robert W. Baird boosted their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday. TD Cowen lifted their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. JPMorgan Chase & Co. increased their price objective on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Finally, Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $289.91.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, VP Marvin Boakye acquired 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The shares were acquired at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the purchase, the vice president now owns 1,745 shares in the company, valued at $499,139.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $5,987,628.78. The disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

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.