Cummins Inc. $CMI Shares Purchased by QRG Capital Management Inc.

QRG Capital Management Inc. boosted its stake in Cummins Inc. (NYSE:CMI) by 52.2% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 47,377 shares of the company’s stock after acquiring an additional 16,257 shares during the quarter. QRG Capital Management Inc.’s holdings in Cummins were worth $15,516,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Olde Wealth Management LLC acquired a new stake in Cummins in the 1st quarter valued at $30,000. Accredited Wealth Management LLC acquired a new stake in Cummins in the 1st quarter valued at $31,000. Opal Wealth Advisors LLC acquired a new stake in Cummins in the 1st quarter valued at $37,000. Richardson Financial Services Inc. acquired a new stake in Cummins during the 1st quarter worth $39,000. Finally, Costello Asset Management INC acquired a new stake in Cummins during the 1st quarter worth $40,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Robert W. Baird lifted their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. Barclays lifted their target price on shares of Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research note on Monday, July 21st. Truist Financial lifted their target price on shares of Cummins from $342.00 to $380.00 and gave the stock 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 on the stock in a research note on Wednesday, September 3rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research note on Saturday, September 27th. Ten equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $393.57.

Cummins Price Performance

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’s fifty day moving average is $400.74 and its two-hundred day moving average is $345.95. The company has a market capitalization of $59.65 billion, a P/E ratio of 20.35, a P/E/G ratio of 2.09 and a beta of 1.04. 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 released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share 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 return on equity of 26.96% and a net margin of 8.72%.The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $5.26 EPS. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd were paid a $2.00 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.8%. Cummins’s payout ratio is presently 37.61%.

Insider Transactions at Cummins

In related news, VP Luther E. Peters sold 4,850 shares of the stock in a transaction that occurred 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 transaction, the vice president owned 7,693 shares of the company’s stock, valued at approximately $2,994,038.67. This trade represents a 38.67% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $402.88, for a total value of $2,015,205.76. Following the transaction, the vice president owned 20,738 shares in the company, valued at $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,119 shares of company stock worth $14,159,885. 0.41% of the stock is owned by company insiders.

About Cummins

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.