Boyd Watterson Asset Management LLC OH Boosts Stock Position in Cummins Inc. $CMI

Boyd Watterson Asset Management LLC OH boosted its holdings in Cummins Inc. (NYSE:CMI) by 1.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,509 shares of the company’s stock after buying an additional 38 shares during the quarter. Boyd Watterson Asset Management LLC OH’s holdings in Cummins were worth $822,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in CMI. Brighton Jones LLC grew its holdings in shares of Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after purchasing an additional 83 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Cummins by 22.3% during the first quarter. GAMMA Investing LLC now owns 3,801 shares of the company’s stock worth $1,191,000 after purchasing an additional 692 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Cummins by 18.9% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 21,463 shares of the company’s stock worth $6,740,000 after purchasing an additional 3,412 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Cummins by 1.1% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 385,887 shares of the company’s stock worth $120,952,000 after buying an additional 4,302 shares during the last quarter. Finally, New York State Teachers Retirement System grew its holdings in shares of Cummins by 5.3% during the first quarter. New York State Teachers Retirement System now owns 116,623 shares of the company’s stock worth $36,554,000 after buying an additional 5,856 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction on Friday, August 8th. The shares were sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president directly owned 7,693 shares of the company’s stock, valued at $2,994,038.67. The trade was a 38.67% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Amy Rochelle Davis sold 5,002 shares of the business’s stock in a transaction on Thursday, August 14th. The shares were sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,119 shares of company stock worth $17,674,285 in the last three months. 0.41% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. Wells Fargo & Company raised Cummins to an “overweight” rating in a report on Monday, August 11th. Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a research report on Wednesday, September 3rd. Citigroup raised their price objective on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a research report on Tuesday, September 23rd. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research report on Tuesday, October 14th. Finally, Evercore ISI restated an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $410.50.

Cummins Trading Down 0.2%

Shares of CMI opened at $420.68 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a 50 day simple moving average of $413.14 and a 200-day simple moving average of $359.14. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $440.51. The stock has a market cap of $57.96 billion, a price-to-earnings ratio of 19.78, a price-to-earnings-growth ratio of 1.95 and a beta of 1.04.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, topping the consensus estimate of $5.21 by $1.22. The firm 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%. Cummins’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $5.26 EPS. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, November 21st will be paid a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, November 21st. Cummins’s payout ratio is presently 37.61%.

Cummins 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.