SRN Advisors LLC Raises Stake in Cummins Inc. (NYSE:CMI)

SRN Advisors LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 5.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 3,753 shares of the company’s stock after buying an additional 178 shares during the period. SRN Advisors LLC’s holdings in Cummins were worth $1,106,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CMI. First United Bank & Trust acquired a new stake in shares of Cummins in the fourth quarter worth $25,000. Private Wealth Management Group LLC acquired a new stake in Cummins in the 4th quarter valued at $26,000. DiNuzzo Private Wealth Inc. purchased a new position in Cummins in the fourth quarter valued at about $31,000. LRI Investments LLC acquired a new position in shares of Cummins during the first quarter worth about $31,000. Finally, JNBA Financial Advisors lifted its stake in shares of Cummins by 1,111.1% during the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after purchasing an additional 100 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently commented on CMI shares. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research report on Friday. The Goldman Sachs Group upped their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday, April 16th. Truist Financial cut their price objective on shares of Cummins from $319.00 to $315.00 and set a “hold” rating on the stock in a report on Tuesday, July 2nd. Finally, Raymond James assumed coverage on shares of Cummins in a research report on Friday, June 28th. They issued a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $289.91.

Cummins Stock Down 5.1 %

NYSE CMI traded down $15.73 on Friday, hitting $290.36. 1,186,131 shares of the stock traded hands, compared to its average volume of 842,567. The company has a market capitalization of $39.72 billion, a P/E ratio of 21.26, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The stock has a 50-day moving average of $280.08 and a 200 day moving average of $276.66. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business’s revenue was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company posted $5.18 EPS. As a group, analysts expect that Cummins Inc. will post 18.61 earnings per share for the current fiscal 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 given a $1.82 dividend. 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 2.51%. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio (DPR) is presently 49.19%.

Insider Activity

In related news, VP Jeffrey T. Wiltrout bought 282 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was bought at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares in the company, valued at approximately $359,808.82. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Jeffrey T. Wiltrout bought 282 shares of the company’s stock in a transaction on Friday, May 24th. The shares were purchased at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Sharon R. Barner sold 3,880 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

About Cummins

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.