Cummins Inc. $CMI Holdings Lifted by QRG Capital Management Inc.

QRG Capital Management Inc. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 112.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,855 shares of the company’s stock after buying an additional 63,839 shares during the period. QRG Capital Management Inc. owned 0.09% of Cummins worth $86,195,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CMI. 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 buying an additional 45 shares during the period. Persistent Asset Partners Ltd bought a new stake in Cummins in the second quarter worth about $26,000. Wellington Shields Capital Management LLC acquired a new stake in Cummins in the 4th quarter valued at about $27,000. Key Financial Inc lifted its holdings 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 acquiring an additional 20 shares during the last quarter. Finally, Elevation Wealth Partners LLC boosted its position in shares of Cummins by 91.7% during the 2nd quarter. Elevation Wealth Partners LLC now owns 46 shares of the company’s stock valued at $33,000 after purchasing an additional 22 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Down 0.3%

Shares of NYSE CMI traded down $1.62 during trading hours on Wednesday, hitting $524.51. The stock had a trading volume of 1,416,162 shares, compared to its average volume of 982,915. The firm’s 50-day moving average price is $600.29 and its two-hundred day moving average price is $622.88. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76. The company has a market capitalization of $72.21 billion, a P/E ratio of 26.80, a P/E/G ratio of 1.45 and a beta of 1.23. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period in the previous year, the company earned $6.43 earnings per share. Analysts anticipate that Cummins Inc. will post 30.06 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Friday, August 21st were issued a $2.20 dividend. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend was Friday, August 21st. This represents a $8.80 annualized dividend and a yield of 1.7%. Cummins’s payout ratio is currently 44.97%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CMI. DA Davidson boosted their target price on Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley lifted their price target on Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a research note on Friday, July 17th. Argus boosted their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. JPMorgan Chase & Co. reduced their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research note on Wednesday. Finally, UBS Group decreased their target price on shares of Cummins from $850.00 to $835.00 and set a “buy” rating for the company in a report on Wednesday, August 5th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $745.12.

Cummins Company Profile

Cummins Inc is a global power and energy technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines, powertrains and related technologies for commercial vehicles, industrial equipment, mining, construction, agriculture, marine and other applications.

Cummins’ products and services include diesel and natural-gas engines, hybrid powertrains, fuel systems, filtration and emission-control technologies, turbochargers, generators and power-generation systems.