Cummins Inc. $CMI Shares Acquired by Eldred Rock Partners LLC

Eldred Rock Partners LLC boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 6.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,782 shares of the company’s stock after buying an additional 1,627 shares during the period. Cummins makes up about 4.1% of Eldred Rock Partners LLC’s portfolio, making the stock its 9th largest position. Eldred Rock Partners LLC’s holdings in Cummins were worth $19,101,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Elevation Wealth Partners LLC increased its holdings in Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock worth $33,000 after purchasing an additional 22 shares in the last quarter. Cedar Mountain Advisors LLC lifted its holdings in shares of Cummins by 1,500.0% in the first quarter. Cedar Mountain Advisors LLC now owns 48 shares of the company’s stock valued at $26,000 after purchasing an additional 45 shares in the last quarter. Activest Wealth Management boosted its position in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after buying an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $27,000. Finally, Key Financial Inc raised its position in Cummins by 62.5% in the 1st quarter. Key Financial Inc now owns 52 shares of the company’s stock valued at $28,000 after buying an additional 20 shares during the last quarter. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on CMI. Raymond James Financial upped their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 26th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a report on Wednesday, May 6th. Truist Financial set a $894.00 price target on shares of Cummins in a research note on Wednesday. Morgan Stanley upped their price objective on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. Finally, UBS Group cut their price target on Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a research note on Wednesday. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $745.64.

Cummins Trading Up 0.0%

Cummins stock opened at $644.21 on Friday. The stock has a market cap of $88.68 billion, a P/E ratio of 32.92, a PEG ratio of 1.57 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.11 and a current ratio of 1.73. The firm’s fifty day moving average price is $668.83 and its 200-day moving average price is $625.16. Cummins Inc. has a fifty-two week low of $383.90 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business’s revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the business posted $6.43 EPS. Equities research analysts forecast that Cummins Inc. will post 29.42 earnings per share for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st will be given a dividend of $2.20 per share. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Buying and Selling

In related news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Bonnie J. Fetch sold 652 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $700.19, for a total transaction of $456,523.88. Following the completion of the sale, the executive vice president owned 11,679 shares of the company’s stock, valued at approximately $8,177,519.01. The trade was a 5.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 7,690 shares of company stock worth $5,360,654 over the last ninety days. Corporate insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.