971 Cummins Inc. $CMI Shares Acquired by YHB Investment Advisors Inc.

YHB Investment Advisors Inc. increased its stake in shares of Cummins Inc. (NYSE:CMI) by 6.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,561 shares of the company’s stock after acquiring an additional 971 shares during the quarter. YHB Investment Advisors Inc.’s holdings in Cummins were worth $8,117,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Cummins during the second quarter worth about $8,204,241,000. Bank of America Corp DE bought a new position in Cummins during the second quarter valued at about $1,408,353,000. Bank of New York Mellon Corp bought a new position in Cummins during the second quarter valued at about $973,198,000. Legal & General Group Plc purchased a new stake in Cummins during the second quarter worth about $666,635,000. Finally, Amundi raised its position in Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after acquiring an additional 147,093 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Price Performance

NYSE:CMI traded up $2.42 during midday trading on Thursday, hitting $519.74. The company had a trading volume of 588,160 shares, compared to its average volume of 983,600. The company has a market capitalization of $71.55 billion, a PE ratio of 26.57, a P/E/G ratio of 1.41 and a beta of 1.24. 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 Inc. has a 52-week low of $400.72 and a 52-week high of $737.76. The stock’s fifty day moving average price is $572.00 and its 200-day moving average price is $621.07.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 EPS 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 company had revenue of $9.46 billion during the quarter, compared to analysts’ expectations of $9.33 billion. During the same quarter in the prior year, the firm posted $6.43 EPS. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 30.13 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were paid a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Friday, August 21st. Cummins’s payout ratio is currently 44.97%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CMI shares. Truist Financial lowered their price target on shares of Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a report on Monday. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. JPMorgan Chase & Co. lowered their target price on Cummins from $690.00 to $600.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 23rd. Evercore dropped their price target on Cummins from $845.00 to $782.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 11th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Thirteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $717.59.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the company’s stock in a transaction on 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 sale, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.