Dimensional Fund Advisors LP Boosts Holdings in Cummins Inc. (NYSE:CMI)

Dimensional Fund Advisors LP boosted its position in shares of Cummins Inc. (NYSE:CMI) by 1.6% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,696,538 shares of the company’s stock after acquiring an additional 26,977 shares during the period. Dimensional Fund Advisors LP owned 1.24% of Cummins worth $469,869,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the second quarter worth $28,000. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter worth $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the second quarter worth $29,000. LRI Investments LLC purchased a new position in shares of Cummins in the first quarter worth $31,000. Finally, JNBA Financial Advisors raised its holdings in shares of Cummins by 1,111.1% in the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock worth $32,000 after buying an additional 100 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.4 %

CMI stock opened at $301.07 on Tuesday. The firm has a market cap of $41.18 billion, a PE ratio of 22.04, a P/E/G ratio of 1.70 and a beta of 0.98. 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 firm’s fifty day moving average is $295.49 and its 200 day moving average is $287.51. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83.

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

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a $1.82 dividend. This is a positive change from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.42%. Cummins’s dividend payout ratio (DPR) is 53.29%.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research analyst reports. Barclays raised their price target on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Evercore ISI increased 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. Truist Financial increased their price objective on shares of Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. Citigroup started coverage on shares of Cummins in a research note on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price objective on the stock. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $299.55.

Insider Activity

In other news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the sale, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, SVP Tony Satterthwaite sold 24,250 shares of the firm’s 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 transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Sharon R. Barner sold 4,780 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

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.