Cummins Inc. $CMI Stock Holdings Lifted by Conning Inc.

Conning Inc. lifted its holdings in Cummins Inc. (NYSE:CMI) by 4.3% during the second quarter, HoldingsChannel reports. The institutional investor owned 106,070 shares of the company’s stock after purchasing an additional 4,376 shares during the period. Conning Inc.’s holdings in Cummins were worth $34,738,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of CMI. Olde Wealth Management LLC bought a new position in shares of Cummins in the 1st quarter worth about $30,000. Accredited Wealth Management LLC bought a new stake in Cummins in the 1st quarter valued at about $31,000. Opal Wealth Advisors LLC bought a new stake in Cummins in the 1st quarter valued at about $37,000. Richardson Financial Services Inc. bought a new stake in Cummins in the 1st quarter valued at about $39,000. Finally, Costello Asset Management INC bought a new stake in Cummins in the 1st quarter valued at about $40,000. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently weighed in on CMI shares. Barclays lifted their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research report on Wednesday, September 3rd. Robert W. Baird lifted their price objective on shares of Cummins from $315.00 to $355.00 and gave the company a “neutral” rating in a research report on Friday, July 11th. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Finally, Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $397.43.

Cummins Stock Performance

Shares of CMI opened at $413.28 on Friday. The firm’s 50 day moving average is $407.21 and its 200-day moving average is $349.37. The stock has a market capitalization of $56.95 billion, a P/E ratio of 19.43, a P/E/G ratio of 2.06 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51.

Cummins (NYSE:CMI) last announced 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. The company had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.26 EPS. Equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. This is an increase from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio is presently 37.61%.

Insider Buying and Selling

In other news, VP Luther E. Peters sold 4,850 shares of Cummins stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares of the company’s stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the completion of the transaction, the vice president directly owned 20,738 shares in the company, valued at $8,354,925.44. This represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 43,119 shares of company stock worth $17,674,285. 0.41% of the stock is owned by insiders.

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.