Seamount Financial Group Inc. Makes New $413,000 Investment in Cummins Inc. $CMI

Seamount Financial Group Inc. bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 2nd quarter, HoldingsChannel reports. The fund bought 1,260 shares of the company’s stock, valued at approximately $413,000.

A number of other institutional investors and hedge funds also recently modified their holdings of CMI. Raymond James Financial Inc. grew its position in shares of Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after buying an additional 817,384 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock valued at $314,942,000 after acquiring an additional 424,294 shares during the period. Nuveen LLC bought a new position in shares of Cummins during the first quarter worth about $109,120,000. Vanguard Group Inc. increased its holdings in shares of Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after acquiring an additional 321,823 shares during the period. Finally, Goldman Sachs Group Inc. lifted its position in Cummins by 74.2% in the 1st quarter. Goldman Sachs Group Inc. now owns 749,449 shares of the company’s stock valued at $234,907,000 after purchasing an additional 319,277 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

NYSE CMI opened at $439.66 on Tuesday. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $440.51. The firm has a market capitalization of $60.58 billion, a PE ratio of 20.67, a P/E/G ratio of 2.09 and a beta of 1.04. The company’s 50 day simple moving average is $402.11 and its 200 day simple moving average is $346.92. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The firm had revenue of $8.64 billion during 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 firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.26 earnings per share. As a group, equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Friday, August 22nd were paid a dividend of $2.00 per share. This is an increase from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s dividend payout ratio (DPR) is 37.61%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on CMI. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Truist Financial lifted their price target on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Wells Fargo & Company upgraded Cummins to an “overweight” rating in a research report on Monday, August 11th. Finally, Barclays lifted 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. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $393.57.

Insider Activity

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the business’s stock in a transaction dated Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the sale, the director directly owned 5,227 shares in the company, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the company’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,119 shares of company stock valued at $14,159,885 over the last quarter. Insiders own 0.41% of the company’s stock.

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.