Carnegie Investment Counsel Has $7.05 Million Stock Position in Cummins Inc. $CMI

Carnegie Investment Counsel lowered its stake in Cummins Inc. (NYSE:CMI) by 0.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 21,523 shares of the company’s stock after selling 37 shares during the quarter. Carnegie Investment Counsel’s holdings in Cummins were worth $7,049,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Applied Finance Capital Management LLC lifted its stake in shares of Cummins by 14.4% in the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after purchasing an additional 7,656 shares during the period. Fox Run Management L.L.C. bought a new stake in shares of Cummins in the 1st quarter valued at $2,749,000. Alpha Cubed Investments LLC bought a new stake in shares of Cummins in the 1st quarter valued at $440,000. Invesco Ltd. increased its position 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 buying an additional 126,362 shares in the last quarter. Finally, Artemis Investment Management LLP increased its position in shares of Cummins by 19.1% in the 1st quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock valued at $2,428,000 after buying an additional 1,241 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Buying and Selling

In other news, VP Luther E. Peters sold 4,850 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $389.19, for a total value of $1,887,571.50. Following the completion of the transaction, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. This trade represents a 38.67% 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, VP Amy Rochelle Davis sold 5,002 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $402.88, for a total value of $2,015,205.76. Following the completion of the transaction, the vice president owned 20,738 shares of the company’s stock, valued at $8,354,925.44. The trade was a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,119 shares of company stock worth $17,674,285 over the last three months. Company insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $421.79 on Friday. The stock has a market capitalization of $58.12 billion, a price-to-earnings ratio of 19.83, a PEG ratio of 1.94 and a beta of 1.04. The business has a 50-day moving average of $412.77 and a 200-day moving average of $357.20. 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 fifty-two week low of $260.02 and a fifty-two week 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 for the quarter, beating the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $5.26 EPS. As a group, sell-side analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is presently 37.61%.

Wall Street Analysts Forecast Growth

CMI has been the subject of a number of recent analyst reports. Truist Financial upped their price objective on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a research report on Wednesday, October 8th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Evercore ISI reiterated an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Finally, Wells Fargo & Company upgraded Cummins to an “overweight” rating in a report on Monday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Cummins has an average rating of “Moderate Buy” and an average price target of $410.50.

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.