Harbor Capital Advisors Inc. Sells 66 Shares of Cummins Inc. (NYSE:CMI)

Harbor Capital Advisors Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI) by 1.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,377 shares of the company’s stock after selling 66 shares during the period. Harbor Capital Advisors Inc.’s holdings in Cummins were worth $935,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Lynx Investment Advisory purchased a new position in Cummins during the second quarter valued at approximately $29,000. Mather Group LLC. grew its stake in Cummins by 3.8% during the second quarter. Mather Group LLC. now owns 3,471 shares of the company’s stock valued at $1,023,000 after acquiring an additional 126 shares in the last quarter. Versant Capital Management Inc grew its stake in Cummins by 83.3% in the 2nd quarter. Versant Capital Management Inc now owns 374 shares of the company’s stock worth $104,000 after buying an additional 170 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Cummins in the 2nd quarter worth approximately $373,000. Finally, DNB Asset Management AS grew its stake in Cummins by 6.9% in the 2nd quarter. DNB Asset Management AS now owns 64,852 shares of the company’s stock worth $17,959,000 after buying an additional 4,177 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. The Goldman Sachs Group boosted their price target on shares of Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. Barclays upped their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Truist Financial upped their price objective on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $295.00.

Cummins Trading Up 0.8 %

NYSE:CMI traded up $2.23 during midday trading on Wednesday, reaching $294.54. 454,712 shares of the stock traded hands, compared to its average volume of 1,872,154. The company has a fifty day moving average of $280.31 and a 200 day moving average of $277.76. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34. The stock has a market capitalization of $40.29 billion, a P/E ratio of 21.62, a PEG ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company had revenue of $8.80 billion during the quarter, compared to analyst estimates of $8.33 billion. During the same period in the prior year, the business posted $5.18 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. On average, research analysts predict that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be issued a $1.82 dividend. The ex-dividend date is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.47%. Cummins’s dividend payout ratio is 53.29%.

Insiders Place Their Bets

In related news, VP Jeffrey T. Wiltrout acquired 282 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at $359,808.82. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Cummins news, VP Marvin Boakye bought 1,745 shares of Cummins stock in a transaction dated Monday, May 20th. The shares were purchased at an average cost of $286.04 per share, with a total value of $499,139.80. Following the transaction, the vice president now directly owns 1,745 shares of the company’s stock, valued at $499,139.80. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Jeffrey T. Wiltrout bought 282 shares of Cummins stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the completion of the transaction, the vice president now directly owns 1,262 shares in the company, valued at $359,808.82. The disclosure for this purchase 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.