Quantitative Investment Management LLC Has $2.68 Million Stock Holdings in Cummins Inc. $CMI

Quantitative Investment Management LLC grew its position in shares of Cummins Inc. (NYSE:CMI) by 102.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,552 shares of the company’s stock after purchasing an additional 4,333 shares during the quarter. Quantitative Investment Management LLC’s holdings in Cummins were worth $2,680,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Fiduciary Trust Co lifted its stake in shares of Cummins by 1.2% in the fourth quarter. Fiduciary Trust Co now owns 2,456 shares of the company’s stock worth $856,000 after acquiring an additional 28 shares during the period. Bank of Jackson Hole Trust lifted its stake in shares of Cummins by 1.2% in the first quarter. Bank of Jackson Hole Trust now owns 2,829 shares of the company’s stock worth $887,000 after acquiring an additional 33 shares during the period. Scotia Capital Inc. lifted its stake in shares of Cummins by 0.5% in the first quarter. Scotia Capital Inc. now owns 6,714 shares of the company’s stock worth $2,104,000 after acquiring an additional 34 shares during the period. Van Hulzen Asset Management LLC lifted its stake in shares of Cummins by 1.2% in the first quarter. Van Hulzen Asset Management LLC now owns 2,781 shares of the company’s stock worth $872,000 after acquiring an additional 34 shares during the period. Finally, Ascent Group LLC lifted its stake in shares of Cummins by 2.7% in the fourth quarter. Ascent Group LLC now owns 1,417 shares of the company’s stock worth $494,000 after acquiring an additional 37 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $389.19, for a total transaction of $1,887,571.50. Following the completion of the sale, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. The trade was a 38.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Jennifer Mary Bush sold 520 shares of the business’s stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $388.13, for a total value of $201,827.60. Following the sale, the vice president owned 15,130 shares of the company’s stock, valued at approximately $5,872,406.90. This represents a 3.32% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 24,179 shares of company stock valued at $9,636,871. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Truist Financial lifted their price objective on Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a research note on Thursday, August 7th. Wells Fargo & Company raised Cummins to an “overweight” rating in a research note on Monday, August 11th. Barclays boosted their price target on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research note on Monday, July 21st. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research note on Monday, August 11th. Finally, Morgan Stanley boosted their price target on Cummins from $340.00 to $350.00 and gave the company an “overweight” rating in a research note on Tuesday, May 6th. Seven research 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. Based on data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $370.83.

Cummins Trading Up 2.0%

NYSE CMI opened at $402.0750 on Friday. The company has a market cap of $55.40 billion, a price-to-earnings ratio of 18.90, a P/E/G ratio of 1.94 and a beta of 1.02. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $408.38. The business has a 50 day moving average price of $355.04 and a 200-day moving average price of $334.29. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, August 5th. The company reported $6.43 EPS for the quarter, beating the consensus estimate of $5.21 by $1.22. The firm had revenue of $8.64 billion during the quarter, compared to the consensus estimate of $8.45 billion. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.26 earnings per share. As a group, equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Friday, August 22nd will be issued a dividend of $2.00 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.82. This represents a $8.00 annualized dividend and a dividend yield of 2.0%. The ex-dividend date is Friday, August 22nd. Cummins’s dividend payout ratio is presently 34.23%.

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.