Cardinal Capital Management Buys 479 Shares of Cummins Inc. $CMI

Cardinal Capital Management increased its stake in Cummins Inc. (NYSE:CMI) by 2.3% in the second quarter, HoldingsChannel reports. The fund owned 21,498 shares of the company’s stock after purchasing an additional 479 shares during the period. Cardinal Capital Management’s holdings in Cummins were worth $7,041,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Occidental Asset Management LLC lifted its stake in shares of Cummins by 1.5% in the 2nd quarter. Occidental Asset Management LLC now owns 14,768 shares of the company’s stock valued at $4,837,000 after acquiring an additional 225 shares during the last quarter. Golden State Equity Partners lifted its stake in shares of Cummins by 6.1% in the 2nd quarter. Golden State Equity Partners now owns 2,096 shares of the company’s stock valued at $686,000 after acquiring an additional 120 shares during the last quarter. Oliver Luxxe Assets LLC lifted its stake in shares of Cummins by 2.0% in the 2nd quarter. Oliver Luxxe Assets LLC now owns 12,859 shares of the company’s stock valued at $4,211,000 after acquiring an additional 258 shares during the last quarter. Chapin Davis Inc. lifted its stake in shares of Cummins by 4.5% in the 2nd quarter. Chapin Davis Inc. now owns 2,113 shares of the company’s stock valued at $692,000 after acquiring an additional 91 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Cummins by 5.4% in the 2nd quarter. GAMMA Investing LLC now owns 4,008 shares of the company’s stock valued at $1,313,000 after acquiring an additional 207 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $425.33 on Tuesday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $58.61 billion, a P/E ratio of 20.00, a PEG ratio of 2.05 and a beta of 1.02. The stock’s 50 day moving average is $388.30 and its 200 day moving average is $339.96. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $428.96.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share for the quarter, topping the consensus estimate of $5.21 by $1.22. The company had revenue of $8.64 billion for 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 firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.26 EPS. On average, equities research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced 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. The ex-dividend date was Friday, August 22nd. This represents a $8.00 annualized dividend and a yield of 1.9%. This is a positive change from Cummins’s previous quarterly dividend of $1.82. Cummins’s dividend payout ratio (DPR) is 37.61%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president directly owned 955 shares in the company, valued at approximately $384,158.30. This trade represents a 66.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Karen H. Quintos sold 1,307 shares of the stock in a transaction on Tuesday, August 19th. The shares were sold at an average price of $405.33, for a total value of $529,766.31. Following the sale, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. This represents a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,119 shares of company stock worth $14,159,885. Insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on CMI shares. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Barclays upped their price target on Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a research report on Monday, July 21st. Melius Research raised Cummins from a “hold” rating to a “buy” rating and set a $500.00 price target for the company in a research report on Wednesday, September 3rd. Truist Financial upped their price target on Cummins from $342.00 to $380.00 and gave the company a “hold” rating in a research report on Thursday, August 7th. Finally, The Goldman Sachs Group raised Cummins from a “neutral” rating to a “buy” rating and upped their price target for the company from $410.00 to $431.00 in a research report on Tuesday, May 27th. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $389.29.

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.