River Street Advisors LLC Grows Stock Holdings in Cummins Inc. $CMI

River Street Advisors LLC raised its stake in Cummins Inc. (NYSE:CMI) by 4.8% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,679 shares of the company’s stock after buying an additional 306 shares during the period. Cummins comprises 0.9% of River Street Advisors LLC’s holdings, making the stock its 26th biggest holding. River Street Advisors LLC’s holdings in Cummins were worth $2,187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. V Square Quantitative Management LLC lifted its position in shares of Cummins by 1.0% in the 2nd quarter. V Square Quantitative Management LLC now owns 3,285 shares of the company’s stock worth $1,076,000 after purchasing an additional 31 shares during the period. Bank of Jackson Hole Trust lifted its position in shares of Cummins by 1.2% in the 1st quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after purchasing an additional 33 shares during the period. Scotia Capital Inc. lifted its position in shares of Cummins by 0.5% in the 1st quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after purchasing an additional 34 shares during the period. Van Hulzen Asset Management LLC lifted its position in shares of Cummins by 1.2% in the 1st quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after purchasing an additional 34 shares during the period. Finally, Sylvest Advisors LLC lifted its position in shares of Cummins by 1.0% in the 2nd quarter. Sylvest Advisors LLC now owns 3,342 shares of the company’s stock worth $1,095,000 after purchasing an additional 34 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several research reports. Truist Financial upped their price target on shares of Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a research report on Monday, August 11th. Melius raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a research report on Wednesday, September 3rd. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Wolfe Research raised shares of Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Nine analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $393.57.

Insider Buying and Selling at Cummins

In other Cummins news, VP Amy Rochelle Davis sold 5,002 shares of the company’s stock in a transaction that occurred 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 transaction, the vice president owned 20,738 shares in the company, valued at approximately $8,354,925.44. This represents a 19.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director owned 5,227 shares in the company, valued at $2,118,659.91. The trade was a 20.00% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,119 shares of company stock worth $14,159,885 in the last three months. 0.41% of the stock is owned by company insiders.

Cummins Trading Up 1.9%

Shares of Cummins stock opened at $432.81 on Friday. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $433.00. The firm has a market capitalization of $59.64 billion, a price-to-earnings ratio of 20.35, a PEG ratio of 2.05 and a beta of 1.04. The firm’s 50 day simple moving average is $399.47 and its two-hundred day simple moving average is $345.06.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. During the same quarter in the prior year, the business posted $5.26 EPS. Cummins’s revenue for the quarter was down 1.7% compared to the same quarter last year. Analysts predict 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. Shareholders of record on Friday, August 22nd were paid a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date was Friday, August 22nd. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is currently 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.