Tidal Investments LLC Buys 7,480 Shares of Cummins Inc. $CMI

Tidal Investments LLC boosted its stake in Cummins Inc. (NYSE:CMI) by 35.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,312 shares of the company’s stock after purchasing an additional 7,480 shares during the period. Tidal Investments LLC’s holdings in Cummins were worth $20,192,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Valmark Advisers Inc. grew its holdings in shares of Cummins by 1.9% in the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock worth $472,000 after purchasing an additional 16 shares during the last quarter. Guardian Partners Inc. raised its holdings in Cummins by 1.0% during the 1st quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock valued at $852,000 after buying an additional 16 shares during the last quarter. Nicolet Advisory Services LLC boosted its position in Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after buying an additional 17 shares during the period. Uhlmann Price Securities LLC boosted its position in Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after buying an additional 17 shares during the period. Finally, ICW Investment Advisors LLC grew its holdings in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock worth $369,000 after acquiring an additional 18 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

CMI has been the topic of a number of analyst reports. Morgan Stanley boosted their price objective on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research report on Friday, July 17th. CICC Research assumed coverage on Cummins in a research note on Sunday, August 23rd. They issued an “outperform” rating on the stock. UBS Group cut their target price on Cummins from $850.00 to $835.00 and set a “buy” rating on the stock in a research note on Wednesday, August 5th. Raymond James Financial boosted their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a report on Tuesday, May 26th. Finally, Argus increased their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $764.54.

Cummins Stock Down 0.9%

Shares of Cummins stock opened at $549.54 on Friday. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The company’s fifty day simple moving average is $621.91 and its two-hundred day simple moving average is $625.61. The company has a market cap of $75.65 billion, a P/E ratio of 28.08, a PEG ratio of 1.50 and a beta of 1.23. Cummins Inc. has a 12-month low of $400.72 and a 12-month high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the business posted $6.43 earnings per share. Research analysts anticipate that Cummins Inc. will post 30.06 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were issued a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.6%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 21st. Cummins’s dividend payout ratio (DPR) is 44.97%.

About Cummins

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins’ products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.