Empowered Funds LLC Raises Holdings in Cummins Inc. (NYSE:CMI)

Empowered Funds LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 15.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 24,617 shares of the company’s stock after purchasing an additional 3,265 shares during the quarter. Empowered Funds LLC’s holdings in Cummins were worth $7,971,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Kingsview Wealth Management LLC increased its stake in shares of Cummins by 45.8% during the first quarter. Kingsview Wealth Management LLC now owns 3,462 shares of the company’s stock worth $1,020,000 after buying an additional 1,087 shares during the period. Blair William & Co. IL raised its holdings in shares of Cummins by 58.9% in the 1st quarter. Blair William & Co. IL now owns 23,724 shares of the company’s stock valued at $6,990,000 after purchasing an additional 8,793 shares in the last quarter. Banco Santander S.A. lifted its position in shares of Cummins by 2.0% during the 1st quarter. Banco Santander S.A. now owns 3,841 shares of the company’s stock worth $1,132,000 after purchasing an additional 77 shares during the last quarter. First Foundation Advisors purchased a new position in Cummins in the first quarter valued at $150,000. Finally, Westfield Capital Management Co. LP acquired a new stake in Cummins in the first quarter valued at $5,244,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on CMI. Truist Financial raised their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Barclays boosted their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Citigroup increased their price objective on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $334.33.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 23.85 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,576 shares of company stock worth $9,033,945 over the last ninety days. 0.56% of the stock is owned by insiders.

Cummins Trading Down 0.5 %

NYSE CMI opened at $361.85 on Friday. The stock has a market cap of $49.64 billion, a P/E ratio of 23.90, a PEG ratio of 1.79 and a beta of 0.97. The company’s fifty day simple moving average is $328.91 and its 200-day simple moving average is $301.51. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52 week low of $220.02 and a 52 week high of $370.21.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue was up .3% on a year-over-year basis. During the same period in the prior year, the business posted $4.73 EPS. Equities research analysts predict that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.01%. Cummins’s dividend payout ratio (DPR) is 48.08%.

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.