1,508 Shares in Cummins Inc. $CMI Bought by Hennessy Advisors Inc.

Hennessy Advisors Inc. purchased a new stake in Cummins Inc. (NYSE:CMI) in the second quarter, Holdings Channel.com reports. The fund purchased 1,508 shares of the company’s stock, valued at approximately $1,076,000.

Several other large investors have also bought and sold shares of CMI. New Mexico Educational Retirement Board grew its position in Cummins by 9.4% during the second quarter. New Mexico Educational Retirement Board now owns 6,954 shares of the company’s stock valued at $4,960,000 after buying an additional 600 shares during the period. Mufg Securities Americas Inc. grew its holdings in Cummins by 8.7% during the second quarter. Mufg Securities Americas Inc. now owns 4,156 shares of the company’s stock valued at $2,964,000 after purchasing an additional 333 shares during the period. Van ECK Associates Corp increased its position in Cummins by 0.8% in the second quarter. Van ECK Associates Corp now owns 34,646 shares of the company’s stock worth $24,710,000 after buying an additional 289 shares during the last quarter. Ferguson Wellman Capital Management Inc. purchased a new stake in Cummins in the second quarter worth $70,972,000. Finally, Field & Main Bank bought a new stake in shares of Cummins in the second quarter valued at $1,961,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Trading Down 0.0%

Shares of Cummins stock opened at $564.61 on Monday. The company’s 50-day moving average price is $647.45 and its 200-day moving average price is $628.09. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $389.52 and a 12-month high of $737.76. The company has a market cap of $77.72 billion, a price-to-earnings ratio of 28.85, a PEG ratio of 1.35 and a beta of 1.24.

Cummins (NYSE:CMI) last released 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). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the previous year, the company posted $6.43 EPS. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts expect 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. Shareholders of record on Friday, August 21st will be issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 21st. This is an increase from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 44.97%.

Insider Activity

In other news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction dated 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 transaction, the vice president 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of recent research reports. Raymond James Financial upped their price target on Cummins from $675.00 to $745.00 and gave the company an “outperform” rating in a research report on Tuesday, May 26th. Citigroup lifted their price objective on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Wells Fargo & Company upped their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a report on Wednesday, June 17th. Morgan Stanley increased their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research report on Friday, July 17th. Finally, Sanford C. Bernstein reiterated a “market perform” rating and issued a $700.00 target price on shares of Cummins in a research note on Wednesday, August 5th. Twelve analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins Profile

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.