998 Shares in Cummins Inc. (NYSE:CMI) Bought by Chris Bulman Inc

Chris Bulman Inc acquired a new position in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 998 shares of the company’s stock, valued at approximately $276,000.

Several other large investors have also recently added to or reduced their stakes in CMI. Umpqua Bank raised its stake in shares of Cummins by 6.9% in the 2nd quarter. Umpqua Bank now owns 4,645 shares of the company’s stock valued at $1,286,000 after purchasing an additional 300 shares during the period. Chicago Capital LLC acquired a new stake in shares of Cummins during the second quarter worth $902,000. Illinois Municipal Retirement Fund lifted its position in shares of Cummins by 19.9% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 57,882 shares of the company’s stock valued at $16,029,000 after acquiring an additional 9,615 shares during the period. Cullen Frost Bankers Inc. increased its stake in shares of Cummins by 6.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 67,588 shares of the company’s stock valued at $18,717,000 after purchasing an additional 3,822 shares during the last quarter. Finally, Patron Partners LLC increased its holdings in Cummins by 5.9% in the 2nd quarter. Patron Partners LLC now owns 2,211 shares of the company’s stock worth $612,000 after purchasing an additional 124 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Evercore ISI lifted their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Truist Financial raised their price objective on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Raymond James started coverage on Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Finally, Robert W. Baird boosted their price objective on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $299.55.

Insiders Place Their Bets

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Down 1.2 %

CMI stock opened at $293.21 on Friday. The firm has a 50-day simple moving average of $292.17 and a 200-day simple moving average of $286.04. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $40.11 billion, a P/E ratio of 21.46, a P/E/G ratio of 1.82 and a beta of 0.98. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.18 EPS. Equities analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.48%. The ex-dividend date of this dividend was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 53.29%.

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.