Flputnam Investment Management Co. Has $7.87 Million Stock Holdings in Cummins Inc. $CMI

Flputnam Investment Management Co. increased its position in Cummins Inc. (NYSE:CMI) by 35.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,036 shares of the company’s stock after buying an additional 2,870 shares during the quarter. Flputnam Investment Management Co.’s holdings in Cummins were worth $7,871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also added to or reduced their stakes in CMI. Persistent Asset Partners Ltd acquired a new position in Cummins in the 2nd quarter valued at approximately $26,000. Elevation Wealth Partners LLC increased its holdings in Cummins by 91.7% in the second quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares during the period. Cedar Mountain Advisors LLC raised its position in Cummins by 1,500.0% during the 1st quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after purchasing an additional 45 shares during the last quarter. Activest Wealth Management lifted its holdings in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Finally, Wellington Shields Capital Management LLC acquired a new stake in shares of Cummins in the fourth quarter valued at about $27,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Down 1.6%

NYSE:CMI opened at $564.61 on Friday. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a one year low of $389.52 and a one year high of $737.76. The company has a market cap of $77.72 billion, a PE ratio of 28.85, a PEG ratio of 1.35 and a beta of 1.24. The firm has a 50-day moving average of $647.45 and a 200-day moving average of $627.90.

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

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be issued a $2.20 dividend. This is a boost from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, August 21st. Cummins’s dividend payout ratio is 44.97%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on CMI shares. Truist Financial set a $894.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Raymond James Financial increased their price target on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. JPMorgan Chase & Co. boosted their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Barclays upped their target price on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research report on Wednesday, May 6th. Finally, Argus lifted their target price on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $745.64.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction 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 completion of the sale, the vice president owned 4,479 shares in the company, valued at approximately $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.30% of the stock is currently owned by insiders.

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.