Great Valley Advisor Group Inc. Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

Great Valley Advisor Group Inc. boosted its stake in Cummins Inc. (NYSE:CMI) by 2.0% during the second quarter, HoldingsChannel reports. The firm owned 2,752 shares of the company’s stock after buying an additional 55 shares during the period. Great Valley Advisor Group Inc.’s holdings in Cummins were worth $763,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Price T Rowe Associates Inc. MD grew its position in Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock worth $2,342,001,000 after acquiring an additional 604,735 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Cummins by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock worth $620,701,000 after acquiring an additional 106,017 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Cummins by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock worth $400,990,000 after acquiring an additional 96,387 shares during the last quarter. Ontario Teachers Pension Plan Board grew its holdings in shares of Cummins by 3.1% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 1,430,966 shares of the company’s stock valued at $342,817,000 after purchasing an additional 43,090 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC raised its position in Cummins by 4.8% in the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company’s stock worth $334,933,000 after purchasing an additional 64,365 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Down 0.3 %

NYSE:CMI traded down $0.99 during trading hours on Wednesday, reaching $290.75. 332,116 shares of the company traded hands, compared to its average volume of 1,834,392. The stock has a market capitalization of $39.77 billion, a P/E ratio of 21.35, a P/E/G ratio of 1.93 and a beta of 0.99. The business’s 50-day moving average price is $281.95 and its two-hundred day moving average price is $279.73. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. The firm had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue was up 2.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $5.18 earnings per share. Analysts predict that Cummins Inc. will post 18.61 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be issued a dividend of $1.82 per share. This is an increase from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

Insider Activity at Cummins

In related news, VP Marvin Boakye purchased 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The stock was purchased at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the completion of the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at approximately $499,139.80. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, VP Jeffrey T. Wiltrout acquired 282 shares of Cummins stock in a transaction dated Friday, May 24th. The stock was purchased at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Marvin Boakye acquired 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was bought at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares of the company’s stock, valued at $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CMI has been the topic of several recent research reports. TD Cowen raised their price target on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Robert W. Baird increased 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. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Cummins has a consensus rating of “Hold” and an average price target of $295.00.

Cummins Company 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.