Cummins Inc. $CMI Shares Bought by Quent Capital LLC

Quent Capital LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 15.8% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 733 shares of the company’s stock after buying an additional 100 shares during the quarter. Quent Capital LLC’s holdings in Cummins were worth $240,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. QRG Capital Management Inc. raised its holdings in shares of Cummins by 52.2% in the 2nd quarter. QRG Capital Management Inc. now owns 47,377 shares of the company’s stock valued at $15,516,000 after purchasing an additional 16,257 shares in the last quarter. Wallington Asset Management LLC raised its holdings in shares of Cummins by 1.1% in the 2nd quarter. Wallington Asset Management LLC now owns 34,720 shares of the company’s stock valued at $11,371,000 after purchasing an additional 372 shares in the last quarter. Cape ANN Savings Bank raised its holdings in shares of Cummins by 6.4% in the 2nd quarter. Cape ANN Savings Bank now owns 3,390 shares of the company’s stock valued at $1,110,000 after purchasing an additional 205 shares in the last quarter. Fairvoy Private Wealth LLC raised its holdings in shares of Cummins by 3.0% in the 2nd quarter. Fairvoy Private Wealth LLC now owns 9,803 shares of the company’s stock valued at $3,210,000 after purchasing an additional 281 shares in the last quarter. Finally, Franklin Street Advisors Inc. NC raised its holdings in shares of Cummins by 7.5% in the 2nd quarter. Franklin Street Advisors Inc. NC now owns 34,662 shares of the company’s stock valued at $11,352,000 after purchasing an additional 2,422 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Citigroup raised their price objective on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. Truist Financial raised their price objective on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a report on Thursday, August 7th. Robert W. Baird lifted their price target on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. Wells Fargo & Company upgraded shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Finally, Evercore ISI reiterated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Ten research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $393.57.

Cummins Trading Up 0.1%

Shares of Cummins stock opened at $432.87 on Friday. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $437.66. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. The company has a market capitalization of $59.65 billion, a P/E ratio of 20.35, a PEG ratio of 2.09 and a beta of 1.04. The company’s fifty day moving average is $400.74 and its two-hundred day moving average is $345.95.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company had revenue of $8.64 billion for the quarter, compared to the consensus estimate of $8.45 billion. During the same period last year, the firm posted $5.26 EPS. Cummins’s revenue for the quarter was down 1.7% on a year-over-year basis. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Friday, August 22nd were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Friday, August 22nd. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s payout ratio is 37.61%.

Insider Activity at Cummins

In other news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the sale, the vice president owned 955 shares of the company’s stock, valued at $384,158.30. The trade was a 66.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 6,500 shares of Cummins stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the completion of the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $12,790,710. The trade was a 17.07% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,119 shares of company stock worth $14,159,885 in the last three months. Company insiders own 0.41% of the company’s stock.

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.