Flputnam Investment Management Co. Acquires 2,870 Shares of Cummins Inc. $CMI

Flputnam Investment Management Co. lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 35.1% in the second quarter, HoldingsChannel.com reports. The fund owned 11,036 shares of the company’s stock after acquiring an additional 2,870 shares during the period. Flputnam Investment Management Co.’s holdings in Cummins were worth $7,871,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Activest Wealth Management increased its position in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the last quarter. Cedar Mountain Advisors LLC increased its stake in shares of Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Persistent Asset Partners Ltd purchased a new stake in shares of Cummins during the 2nd quarter worth approximately $26,000. Wellington Shields Capital Management LLC purchased a new position in Cummins in the fourth quarter valued at approximately $27,000. Finally, Key Financial Inc increased its position in Cummins by 62.5% in the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after buying an additional 20 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.30% of the stock is owned by company insiders.

Cummins Trading Down 1.6%

Shares of CMI opened at $564.61 on Friday. The business’s 50-day moving average price is $647.45 and its 200-day moving average price is $627.90. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The stock has a market cap of $77.72 billion, a PE ratio of 28.85, a P/E/G ratio of 1.35 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $6.43 earnings per share. On average, equities analysts forecast that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Raymond James Financial upped their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Wells Fargo & Company upped their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Robert W. Baird set a $700.00 target price on shares of Cummins in a research report on Wednesday, May 6th. Truist Financial set a $894.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Finally, Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Twelve equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.