Cummins Inc. (NYSE:CMI) Stock Position Increased by Umpqua Bank

Umpqua Bank grew its position in Cummins Inc. (NYSE:CMI) by 6.9% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,645 shares of the company’s stock after buying an additional 300 shares during the period. Umpqua Bank’s holdings in Cummins were worth $1,286,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the company. First United Bank & Trust acquired a new position in shares of Cummins during the fourth quarter valued at $25,000. Private Wealth Management Group LLC acquired a new position in Cummins during the 4th quarter valued at about $26,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins during the 2nd quarter worth about $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the 2nd quarter worth approximately $28,000. Finally, Lynx Investment Advisory bought a new position in shares of Cummins in the second quarter valued at approximately $29,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value 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 disclosure for this sale can be found here. 0.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on CMI. Barclays upped their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Raymond James initiated coverage on Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup started coverage on shares of Cummins in a report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target for the company. Finally, Evercore ISI lifted their price objective on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $299.55.

Cummins Stock Down 1.2 %

Shares of NYSE:CMI opened at $293.21 on Friday. The firm has a 50 day simple moving average of $292.17 and a 200 day simple moving average of $286.04. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. The company has a market cap of $40.11 billion, a PE ratio of 21.46, a price-to-earnings-growth ratio of 1.82 and a beta of 0.98.

Cummins (NYSE:CMI) last released its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The company had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same quarter in the prior year, the company earned $5.18 earnings per share. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, research analysts expect that Cummins Inc. will post 19.66 earnings per share for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.48%. The ex-dividend date was Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. Cummins’s payout ratio is 53.29%.

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.