Pitcairn Co. Acquires 490 Shares of Cummins Inc. (NYSE:CMI)

Pitcairn Co. raised its holdings in Cummins Inc. (NYSE:CMI) by 12.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,402 shares of the company’s stock after acquiring an additional 490 shares during the quarter. Pitcairn Co.’s holdings in Cummins were worth $1,297,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sequoia Financial Advisors LLC increased its stake in Cummins by 200.9% in the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after buying an additional 3,866 shares during the period. Beacon Financial Group grew its stake in Cummins by 7.0% in the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock worth $463,000 after acquiring an additional 126 shares in the last quarter. KBC Group NV increased its position in shares of Cummins by 283.2% during the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock worth $18,587,000 after acquiring an additional 57,341 shares during the period. Capital Advisors Inc. OK bought a new stake in shares of Cummins during the fourth quarter valued at approximately $24,915,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after purchasing an additional 21,850 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Performance

Shares of NYSE:CMI traded up $1.60 on Thursday, hitting $283.17. 580,869 shares of the company were exchanged, compared to its average volume of 1,929,287. The firm has a market capitalization of $38.73 billion, a P/E ratio of 20.63, a price-to-earnings-growth ratio of 1.79 and a beta of 0.99. The company has a current ratio of 1.34, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The stock’s 50 day moving average price is $279.25 and its 200 day moving average price is $274.03.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.11 by ($0.01). The firm had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.36 billion. Cummins had a return on equity of 25.38% and a net margin of 5.70%. Sell-side analysts predict that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Friday, August 23rd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a yield of 2.57%. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is currently 49.19%.

Insiders Place Their Bets

In other Cummins news, VP Jeffrey T. Wiltrout acquired 282 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were acquired at an average cost of $285.11 per share, with a total value of $80,401.02. Following the acquisition, the vice president now directly 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 accessible through the SEC website. In related news, VP Marvin Boakye acquired 1,745 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was acquired at an average price of $286.04 per share, with a total value of $499,139.80. Following the acquisition, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Jeffrey T. Wiltrout bought 282 shares of the stock in a transaction dated Friday, May 24th. The stock was bought at an average price of $285.11 per share, for a total transaction of $80,401.02. Following the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at $359,808.82. The disclosure for this purchase can be found here. 0.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of several research reports. Robert W. Baird reduced their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Truist Financial decreased their price objective on Cummins from $319.00 to $315.00 and set a “hold” rating for the company in a report on Tuesday, July 2nd. StockNews.com raised shares of Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. The Goldman Sachs Group raised their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, Citigroup started coverage on shares of Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus price target of $287.18.

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.