Highland Capital Management LLC Trims Position in Cummins Inc. $CMI

Highland Capital Management LLC cut its position in Cummins Inc. (NYSE:CMI) by 0.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,684 shares of the company’s stock after selling 50 shares during the period. Highland Capital Management LLC’s holdings in Cummins were worth $6,119,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. V Square Quantitative Management LLC increased its stake in shares of Cummins by 1.0% in the second quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after purchasing an additional 31 shares in the last quarter. Bank of Jackson Hole Trust increased its stake in shares of Cummins by 1.2% in the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after purchasing an additional 33 shares in the last quarter. Scotia Capital Inc. increased its stake in shares of Cummins by 0.5% in the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after purchasing an additional 34 shares in the last quarter. Van Hulzen Asset Management LLC grew its stake in Cummins by 1.2% during the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock valued at $872,000 after acquiring an additional 34 shares in the last quarter. Finally, Sylvest Advisors LLC grew its stake in Cummins by 1.0% during the second quarter. Sylvest Advisors LLC now owns 3,342 shares of the company’s stock valued at $1,095,000 after acquiring an additional 34 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other news, VP Robert Enright sold 1,860 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total value of $748,203.60. Following the completion of the sale, the vice president owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on CMI shares. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Truist Financial raised their target price on shares of Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research note on Thursday, August 7th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research note on Wednesday, September 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Finally, Barclays raised their target price on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Ten analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $393.57.

Cummins Stock Performance

Shares of NYSE:CMI opened at $432.87 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $437.66. The stock has a market capitalization of $59.65 billion, a P/E ratio of 20.35, a PEG ratio of 2.09 and a beta of 1.04. The firm has a fifty day simple moving average of $400.74 and a two-hundred day simple moving average of $345.95. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion during the quarter, compared to analysts’ expectations of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period last year, the company posted $5.26 EPS. On average, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were issued a $2.00 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.8%. Cummins’s dividend payout ratio (DPR) is 37.61%.

Cummins Company Profile

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.