Cummins Inc. $CMI Shares Bought by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC raised its stake in Cummins Inc. (NYSE:CMI) by 13.5% during the second quarter, Holdings Channel reports. The firm owned 8,830 shares of the company’s stock after purchasing an additional 1,052 shares during the period. Verdence Capital Advisors LLC’s holdings in Cummins were worth $2,892,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Cummins by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock valued at $5,417,331,000 after acquiring an additional 321,823 shares during the period. Northern Trust Corp raised its stake in shares of Cummins by 1.2% in the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after acquiring an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Cummins by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock valued at $512,343,000 after acquiring an additional 8,487 shares during the period. Raymond James Financial Inc. raised its stake in shares of Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after acquiring an additional 817,384 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Cummins by 11.6% in the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock valued at $381,129,000 after acquiring an additional 126,362 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $413.28 on Monday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $440.51. The company has a market capitalization of $56.94 billion, a price-to-earnings ratio of 19.43, a price-to-earnings-growth ratio of 1.99 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. The firm’s fifty day moving average price is $407.21 and its 200 day moving average price is $349.70.

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

Cummins Increases Dividend

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

Insider Activity at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction on Thursday, August 14th. The shares were 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 of the company’s stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Mark Andrew Smith sold 8,000 shares of the firm’s stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at approximately $13,873,972.60. This represents a 20.21% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock worth $17,674,285 over the last 90 days. Company insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on CMI shares. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research note on Monday, August 11th. Truist Financial raised their target price on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research note on Wednesday. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target on the stock in a research note on Wednesday, September 3rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has issued a Sell 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 $397.43.

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.