Bull Harbor Capital LLC Buys New Position in Cummins Inc. $CMI

Bull Harbor Capital LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 2,146 shares of the company’s stock, valued at approximately $1,155,000.

Several other institutional investors have also recently added to or reduced their stakes in CMI. Brighton Jones LLC lifted its position in shares of Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares during the period. Intech Investment Management LLC boosted its stake in Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares in the last quarter. Treasurer of the State of North Carolina grew its holdings in Cummins by 2.8% in the second quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after purchasing an additional 1,759 shares during the period. ICW Investment Advisors LLC bought a new stake in Cummins in the second quarter valued at $225,000. Finally, Osterweis Capital Management Inc. bought a new stake in Cummins in the second quarter valued at $31,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CMI. Citigroup increased their price objective on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research report on Tuesday, July 14th. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. Evercore reaffirmed an “outperform” rating and set a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. JPMorgan Chase & Co. increased their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Barclays raised their price objective on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $740.07.

Cummins Trading Down 5.6%

NYSE:CMI opened at $605.63 on Thursday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The firm has a 50-day moving average of $670.30 and a 200-day moving average of $621.86. The company has a market cap of $83.57 billion, a PE ratio of 31.43, a PEG ratio of 1.56 and a beta of 1.22. Cummins Inc. has a one year low of $354.68 and a one year high of $737.76.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned $5.96 EPS. As a group, equities research analysts expect that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.5%. This is a boost from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Buying and Selling

In related news, VP Marvin Boakye sold 3,481 shares of the company’s stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the sale, the vice president owned 8,508 shares in the company, valued at approximately $5,784,589.20. This represents a 29.03% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by company insiders.

Cummins Company 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.