Empowered Funds LLC Grows Stake in Cummins Inc. $CMI

Empowered Funds LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 57.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 36,327 shares of the company’s stock after purchasing an additional 13,241 shares during the quarter. Empowered Funds LLC’s holdings in Cummins were worth $19,545,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CMI. Thompson Investment Management Inc. purchased a new stake in Cummins during the 4th quarter valued at approximately $26,000. Activest Wealth Management lifted its holdings in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares in the last quarter. Cedar Mountain Advisors LLC lifted its holdings in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock worth $26,000 after buying an additional 45 shares in the last quarter. Wellington Shields Capital Management LLC bought a new position in shares of Cummins during the fourth quarter worth $27,000. Finally, Key Financial Inc boosted its position in shares of Cummins by 62.5% during the first quarter. Key Financial Inc now owns 52 shares of the company’s stock worth $28,000 after acquiring an additional 20 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In related news, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider owned 10,404 shares in the company, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the sale, the vice president directly owned 8,508 shares in the company, valued at $5,784,589.20. The trade was a 29.03% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last quarter. Company insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on CMI. Morgan Stanley lifted their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Monday, July 13th. Argus raised their price objective on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research report on Monday, June 1st. Wells Fargo & Company lifted their target price on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a report on Wednesday, June 17th. Finally, UBS Group reiterated a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Eleven equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Trading Down 2.9%

Shares of CMI opened at $642.33 on Wednesday. The company’s fifty day moving average is $671.57 and its 200 day moving average is $621.44. Cummins Inc. has a fifty-two week low of $354.68 and a fifty-two week high of $737.76. The stock has a market capitalization of $88.63 billion, a PE ratio of 33.33, a P/E/G ratio of 1.61 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

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

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This represents a $8.80 annualized dividend and a dividend yield of 1.4%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio is currently 41.52%.

About Cummins

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.