Prime Capital Investment Advisors LLC Raises Stock Position in Cummins Inc. $CMI

Prime Capital Investment Advisors LLC increased its stake in Cummins Inc. (NYSE:CMI) by 3.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 7,299 shares of the company’s stock after acquiring an additional 273 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Cummins were worth $2,390,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Fox Run Management L.L.C. purchased a new stake in Cummins in the 1st quarter worth $2,749,000. Alpha Cubed Investments LLC purchased a new stake in shares of Cummins during the first quarter worth $440,000. Assenagon Asset Management S.A. grew its holdings in shares of Cummins by 8.9% during the first quarter. Assenagon Asset Management S.A. now owns 13,666 shares of the company’s stock worth $4,283,000 after buying an additional 1,114 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Cummins by 11.6% during the first 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 in the last quarter. Finally, Artemis Investment Management LLP grew its holdings in shares of Cummins by 19.1% during the first quarter. Artemis Investment Management LLP now owns 7,747 shares of the company’s stock worth $2,428,000 after buying an additional 1,241 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CMI shares. Truist Financial upped 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. Wells Fargo & Company raised shares of Cummins to an “overweight” rating in a report on Monday, August 11th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a report on Saturday, September 27th. Barclays upped their price objective on shares of Cummins from $381.00 to $387.00 and gave the company an “equal weight” rating in a report on Monday, July 21st. Finally, Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective for the company in a report on Wednesday, September 3rd. Ten investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $393.57.

Insider Activity at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of the stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the completion of the transaction, the vice president owned 955 shares of the company’s stock, valued at $384,158.30. This trade represents a 66.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Amy Rochelle Davis sold 5,002 shares of the stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the transaction, the vice president directly owned 20,738 shares of the company’s stock, valued at approximately $8,354,925.44. This trade represents a 19.43% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,119 shares of company stock valued at $14,159,885 over the last quarter. 0.41% of the stock is owned by insiders.

Cummins Trading Down 1.0%

Shares of CMI opened at $434.50 on Wednesday. The company has a current ratio of 1.64, a quick ratio of 1.03 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 $440.51. The firm has a 50-day moving average price of $403.47 and a 200 day moving average price of $347.53. The firm has a market capitalization of $59.87 billion, a P/E ratio of 20.43, a P/E/G ratio of 2.12 and a beta of 1.04.

Cummins (NYSE:CMI) last announced its 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 during the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue was down 1.7% compared to the same quarter last year. During the same quarter last year, the firm posted $5.26 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Increases Dividend

The business 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. This represents a $8.00 annualized dividend and a yield of 1.8%. This is a boost from Cummins’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Friday, August 22nd. Cummins’s payout ratio is 37.61%.

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.