Cummins Inc. (NYSE:CMI) Stock Holdings Increased by Oregon Public Employees Retirement Fund

Oregon Public Employees Retirement Fund lifted its holdings in Cummins Inc. (NYSE:CMI) by 1.6% in the 2nd quarter, HoldingsChannel reports. The firm owned 11,749 shares of the company’s stock after purchasing an additional 187 shares during the quarter. Oregon Public Employees Retirement Fund’s holdings in Cummins were worth $3,254,000 as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. Atlantic Edge Private Wealth Management LLC increased its stake in Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after buying an additional 35 shares during the period. Albert D Mason Inc. increased its stake in shares of Cummins by 0.4% during the first quarter. Albert D Mason Inc. now owns 9,257 shares of the company’s stock valued at $2,728,000 after acquiring an additional 37 shares during the period. Greenleaf Trust raised its holdings in Cummins by 0.5% during the first quarter. Greenleaf Trust now owns 7,720 shares of the company’s stock worth $2,275,000 after purchasing an additional 40 shares in the last quarter. Bangor Savings Bank lifted its position in Cummins by 39.2% in the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock worth $39,000 after purchasing an additional 40 shares during the period. Finally, Aptus Capital Advisors LLC boosted its stake in Cummins by 2.6% during the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company’s stock valued at $453,000 after purchasing an additional 41 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CMI has been the subject of several research analyst reports. Truist Financial upped their price objective on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. Citigroup started coverage on shares of Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. Raymond James initiated coverage on shares of Cummins in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Robert W. Baird raised their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $299.55.

Cummins Trading Down 0.9 %

NYSE CMI opened at $301.73 on Thursday. The firm’s 50 day moving average price is $291.52 and its two-hundred day moving average price is $285.61. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $322.83. The stock has a market cap of $41.27 billion, a price-to-earnings ratio of 22.09, a PEG ratio of 1.82 and a beta of 0.99.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. Cummins’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.18 earnings per share. Equities analysts anticipate that Cummins Inc. will post 19.66 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.41%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s dividend payout ratio is 53.29%.

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.