iSAM Funds UK Ltd Grows Stake in Cummins Inc. $CMI

iSAM Funds UK Ltd increased its holdings in Cummins Inc. (NYSE:CMI) by 634.7% during the second quarter, Holdings Channel reports. The firm owned 6,649 shares of the company’s stock after acquiring an additional 5,744 shares during the quarter. iSAM Funds UK Ltd’s holdings in Cummins were worth $2,178,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the stock. Accredited Wealth Management LLC purchased a new position in shares of Cummins in the first quarter worth $31,000. Wealth Preservation Advisors LLC purchased a new stake in Cummins in the 1st quarter worth $41,000. CNB Bank bought a new position in shares of Cummins during the 2nd quarter valued at about $43,000. Flaharty Asset Management LLC purchased a new position in shares of Cummins during the first quarter valued at about $47,000. Finally, Sound Income Strategies LLC grew its position in shares of Cummins by 80.5% during the second quarter. Sound Income Strategies LLC now owns 157 shares of the company’s stock valued at $51,000 after purchasing an additional 70 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Brett Michael Merritt sold 1,450 shares of the stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the transaction, the chief executive officer owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. The trade was a 9.63% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 36,410 shares of company stock valued at $16,424,574 in the last ninety days. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research note on Wednesday, September 3rd. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a report on Monday, August 11th. Argus raised their target price on shares of Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Citigroup boosted their price target on shares of Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday, November 24th. Eleven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $479.53.

Cummins Stock Performance

NYSE:CMI opened at $507.46 on Tuesday. The firm has a market capitalization of $70.05 billion, a PE ratio of 26.33, a PEG ratio of 2.01 and a beta of 1.10. The stock’s fifty day moving average is $452.57 and its 200 day moving average is $395.48. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $515.83. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.11 and a current ratio of 1.77.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, November 6th. The company reported $5.59 EPS for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 7.95% and a return on equity of 26.02%. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same period in the previous year, the firm earned $5.86 earnings per share. Cummins’s quarterly revenue was down 1.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were issued a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, November 21st. Cummins’s dividend payout ratio is presently 41.52%.

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.