St. Johns Investment Management Company LLC Increases Stock Position in Cummins Inc. $CMI

St. Johns Investment Management Company LLC increased its position in Cummins Inc. (NYSE:CMI) by 2.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,029 shares of the company’s stock after acquiring an additional 137 shares during the period. St. Johns Investment Management Company LLC’s holdings in Cummins were worth $1,647,000 at the end of the most recent reporting period.

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

Cummins Trading Up 1.0%

NYSE:CMI opened at $418.33 on Wednesday. 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 has a market capitalization of $57.64 billion, a price-to-earnings ratio of 19.67, a price-to-earnings-growth ratio of 2.00 and a beta of 1.04. Cummins Inc. has a one year low of $260.02 and a one year high of $440.51. The business has a fifty day moving average price of $412.01 and a 200-day moving average price of $354.77.

Cummins (NYSE:CMI) last issued its earnings results 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 the consensus estimate of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.26 EPS. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be issued a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.9%. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CMI. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Barclays boosted their target price on shares of Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a research note on Monday. Citigroup boosted their target price on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research note on Tuesday, September 23rd. Truist Financial upped their price objective on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research note on Wednesday, October 8th. Finally, Evercore ISI restated an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $410.50.

Insider Buying and Selling at Cummins

In other Cummins news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the sale, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Robert Enright sold 1,860 shares of the firm’s 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 directly owned 955 shares in the company, valued at approximately $384,158.30. This represents a 66.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,119 shares of company stock valued at $17,674,285. 0.41% of the stock is currently owned by corporate insiders.

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.