Osaic Holdings Inc. Has $14.35 Million Position in Cummins Inc. $CMI

Osaic Holdings Inc. lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 59.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 44,454 shares of the company’s stock after purchasing an additional 16,546 shares during the quarter. Osaic Holdings Inc.’s holdings in Cummins were worth $14,351,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Brighton Jones LLC boosted its holdings in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares in the last quarter. Algert Global LLC acquired a new stake in shares of Cummins during the first quarter valued at about $323,000. Aptus Capital Advisors LLC boosted its stake in shares of Cummins by 63.6% during the first quarter. Aptus Capital Advisors LLC now owns 8,295 shares of the company’s stock valued at $2,600,000 after purchasing an additional 3,224 shares in the last quarter. Fuller & Thaler Asset Management Inc. grew its holdings in shares of Cummins by 16.0% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 6,769 shares of the company’s stock worth $2,122,000 after purchasing an additional 935 shares during the last quarter. Finally, Legacy Financial Advisors Inc. raised its holdings in Cummins by 7.8% in the 1st quarter. Legacy Financial Advisors Inc. now owns 676 shares of the company’s stock valued at $212,000 after buying an additional 49 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $500.58 on Friday. The stock has a market capitalization of $69.10 billion, a PE ratio of 25.98, a price-to-earnings-growth ratio of 1.96 and a beta of 1.11. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $526.50. The company’s 50-day moving average is $465.34 and its 200-day moving average is $404.98. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The company had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. During the same period last year, the business earned $5.86 EPS. Cummins’s quarterly revenue was down 1.6% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. Cummins’s payout ratio is presently 41.52%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on CMI shares. Argus boosted their target price on shares of Cummins from $459.00 to $573.00 and gave the stock a “buy” rating in a report on Tuesday, November 25th. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. UBS Group raised Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Finally, Truist Financial increased their price target on Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research note on Thursday. Eleven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $484.53.

Insider Activity

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This represents a 9.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 27,330 shares of company stock worth $12,649,764 over the last 90 days. 0.41% of the stock is currently owned by corporate insiders.

About Cummins

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.