Tealwood Asset Management Inc. Has $2.77 Million Stake in Cummins Inc. $CMI

Tealwood Asset Management Inc. trimmed its position in Cummins Inc. (NYSE:CMI) by 2.1% during the second quarter, HoldingsChannel.com reports. The fund owned 8,467 shares of the company’s stock after selling 186 shares during the period. Cummins makes up approximately 1.2% of Tealwood Asset Management Inc.’s investment portfolio, making the stock its 17th biggest holding. Tealwood Asset Management Inc.’s holdings in Cummins were worth $2,773,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of CMI. Vanguard Group Inc. raised its holdings in Cummins by 1.9% in the first quarter. Vanguard Group Inc. now owns 17,283,469 shares of the company’s stock worth $5,417,331,000 after purchasing an additional 321,823 shares during the period. Northern Trust Corp raised its stake in Cummins by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock worth $597,170,000 after buying an additional 22,202 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Cummins by 0.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock worth $512,343,000 after buying an additional 8,487 shares during the period. Raymond James Financial Inc. raised its stake in Cummins by 152.3% during the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock worth $424,414,000 after buying an additional 817,384 shares during the period. Finally, Invesco Ltd. raised its stake in Cummins by 11.6% during the 1st quarter. Invesco Ltd. now owns 1,215,956 shares of the company’s stock worth $381,129,000 after buying an additional 126,362 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research analyst reports. Barclays raised their price target on Cummins from $381.00 to $387.00 and gave the stock an “equal weight” rating in a research report on Monday, July 21st. Robert W. Baird raised their target price on shares of Cummins from $315.00 to $355.00 and gave the stock a “neutral” rating in a report on Friday, July 11th. Truist Financial raised their target price on shares of Cummins from $342.00 to $380.00 and gave the stock a “hold” rating in a report on Thursday, August 7th. Melius Research upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Finally, Melius upgraded shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a report on Wednesday, September 3rd. Nine investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $393.57.

Insider Activity

In other Cummins news, CFO Mark Andrew Smith sold 6,500 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $405.00, for a total transaction of $2,632,500.00. Following the transaction, the chief financial officer owned 31,582 shares of the company’s stock, valued at $12,790,710. The trade was a 17.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Karen H. Quintos sold 1,307 shares of the business’s 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 transaction, the director owned 5,227 shares in the company, valued at approximately $2,118,659.91. The trade was a 20.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,119 shares of company stock worth $14,159,885. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

NYSE CMI opened at $419.61 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. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $432.50. The firm’s 50 day moving average is $395.56 and its 200-day moving average is $343.21. The company has a market capitalization of $57.82 billion, a PE ratio of 19.73, a price-to-earnings-growth ratio of 2.02 and a beta of 1.02.

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 the consensus estimate of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. The company’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.26 EPS. Equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal 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 given a dividend of $2.00 per share. This is a positive change from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.9%. Cummins’s payout ratio is presently 37.61%.

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.