St. Johns Investment Management Company LLC Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

St. Johns Investment Management Company LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 3.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 5,087 shares of the company’s stock after purchasing an additional 163 shares during the period. St. Johns Investment Management Company LLC’s holdings in Cummins were worth $1,409,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Beacon Financial Group grew its holdings in shares of Cummins by 7.0% in the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after acquiring an additional 126 shares during the period. KBC Group NV increased its stake in Cummins by 283.2% during the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after acquiring an additional 57,341 shares during the last quarter. Manning & Napier Advisors LLC purchased a new position in shares of Cummins in the 2nd quarter worth about $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Cummins by 13.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares in the last quarter. Finally, Duality Advisers LP grew its holdings in shares of Cummins by 190.3% during the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after purchasing an additional 12,087 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock traded up $1.04 during trading hours on Monday, reaching $310.35. The stock had a trading volume of 537,906 shares, compared to its average volume of 1,776,695. The firm has a market capitalization of $42.45 billion, a PE ratio of 22.72, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The firm has a 50-day simple moving average of $287.47 and a 200-day simple moving average of $283.41. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.84.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the previous year, the business earned $5.18 EPS. The firm’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, equities analysts forecast that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a dividend yield of 2.35%. Cummins’s dividend payout ratio (DPR) is 53.29%.

Insider Activity

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CMI. Evercore ISI lifted their price target on shares of 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 upped their price target on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Finally, TD Cowen boosted their price objective on Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $299.55.

About Cummins

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.