DDD Partners LLC Raises Stock Position in Cummins Inc. (NYSE:CMI)

DDD Partners LLC raised its position in Cummins Inc. (NYSE:CMI) by 0.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 75,942 shares of the company’s stock after purchasing an additional 467 shares during the period. Cummins accounts for 2.4% of DDD Partners LLC’s investment portfolio, making the stock its 13th biggest position. DDD Partners LLC owned about 0.06% of Cummins worth $21,031,000 at the end of the most recent quarter.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. Raymond James began coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Evercore ISI lifted their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. JPMorgan Chase & Co. increased their target price on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Finally, Truist Financial lifted their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $299.55.

Insider Activity at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction that occurred on 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 directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on 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 transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the 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 completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Cummins Stock Up 1.1 %

CMI stock traded up $3.54 on Monday, reaching $312.85. 878,000 shares of the company traded hands, compared to its average volume of 1,749,211. The firm has a fifty day simple moving average of $290.11 and a 200-day simple moving average of $284.90. The company has a market cap of $42.88 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99. Cummins Inc. has a one year low of $212.80 and a one year 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 0.82.

Cummins (NYSE:CMI) last issued 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 business 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 business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the previous year, the company earned $5.18 earnings per share. Research analysts anticipate that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be issued a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

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.