Empowered Funds LLC Takes Position in Cummins Inc. $CMI

Empowered Funds LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 25,243 shares of the company’s stock, valued at approximately $18,004,000.

A number of other large investors have also recently bought and sold shares of CMI. Truist Financial Corp grew its stake in Cummins by 4.8% in the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after buying an additional 2,951 shares in the last quarter. Kepler Cheuvreux Suisse SA bought a new position in Cummins in the 4th quarter worth about $7,869,000. Westfield Capital Management Co. LP bought a new stake in shares of Cummins during the 4th quarter worth $7,797,000. Nomura Asset Management Co. Ltd. lifted its stake in Cummins by 26.9% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 113,648 shares of the company’s stock worth $58,012,000 after purchasing an additional 24,080 shares during the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in Cummins in the first quarter worth approximately $3,766,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Trading Down 1.6%

NYSE CMI opened at $564.61 on Friday. The firm has a market capitalization of $77.72 billion, a PE ratio of 28.85, a P/E/G ratio of 1.37 and a beta of 1.24. The stock’s 50 day moving average is $647.45 and its 200 day moving average is $627.90. Cummins Inc. has a twelve month low of $389.52 and a twelve month high of $737.76. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48.

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

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is 44.97%.

Insider Transactions at Cummins

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.30% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on CMI shares. Truist Financial set a $894.00 price target on shares of Cummins in a research report on Wednesday, August 5th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Citigroup lifted their price objective on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. UBS Group decreased their target price on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Finally, Morgan Stanley raised their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Twelve investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $745.64.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.