Cummins Inc. (NYSE:CMI) Shares Purchased by Great Lakes Advisors LLC

Great Lakes Advisors LLC grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 0.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 116,897 shares of the company’s stock after purchasing an additional 51 shares during the period. Great Lakes Advisors LLC owned 0.09% of Cummins worth $32,372,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Atlantic Edge Private Wealth Management LLC raised its stake in Cummins by 0.7% during the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock worth $1,488,000 after acquiring an additional 35 shares during the period. Albert D Mason Inc. raised its position in shares of Cummins by 0.4% during the 1st quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock worth $2,728,000 after purchasing an additional 37 shares during the period. Greenleaf Trust lifted its holdings in shares of Cummins by 0.5% in the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after purchasing an additional 40 shares during the last quarter. Bangor Savings Bank boosted its position in Cummins by 39.2% during the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after purchasing an additional 40 shares during the period. Finally, Aptus Capital Advisors LLC grew its stake in Cummins by 2.6% during the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock worth $453,000 after buying an additional 41 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of CMI traded down $3.44 during midday trading on Friday, reaching $293.21. The stock had a trading volume of 608,819 shares, compared to its average volume of 1,723,766. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a market capitalization of $40.11 billion, a P/E ratio of 21.48, a P/E/G ratio of 1.82 and a beta of 0.99. The firm’s 50 day moving average price is $292.17 and its 200-day moving average price is $285.88. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The firm had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the business earned $5.18 earnings per share. Cummins’s revenue for the quarter was up 2.3% compared to the same quarter last year. On average, analysts forecast that Cummins Inc. will post 19.66 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Friday, August 23rd were issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.48%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend was Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is presently 53.29%.

Insiders Place Their Bets

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated 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 transaction, the vice president now 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 company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Barclays boosted their price target on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Truist Financial boosted their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research report on Monday, August 5th. Finally, Citigroup initiated coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $299.55.

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.