Blue Trust Inc. Purchases 262 Shares of Cummins Inc. (NYSE:CMI)

Blue Trust Inc. raised its position in Cummins Inc. (NYSE:CMI) by 26.4% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,253 shares of the company’s stock after acquiring an additional 262 shares during the quarter. Blue Trust Inc.’s holdings in Cummins were worth $369,000 at the end of the most recent quarter.

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

Insider Activity

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

Cummins Price Performance

NYSE CMI traded up $1.85 during trading on Friday, hitting $301.65. 578,191 shares of the stock traded hands, compared to its average volume of 1,823,166. The company has a market capitalization of $41.26 billion, a P/E ratio of 22.08, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The firm has a 50-day simple moving average of $283.32 and a 200-day simple moving average of $280.37. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $322.83.

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

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a $1.82 dividend. This represents a $7.28 annualized dividend 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 (DPR) is presently 53.29%.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Citigroup assumed coverage on Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Truist Financial raised their price objective on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. TD Cowen raised their price objective on Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Finally, Robert W. Baird increased their target price on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Two 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $295.00.

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.