Renaissance Technologies LLC Invests $46.61 Million in Cummins Inc. (NYSE:CMI)

Renaissance Technologies LLC bought a new position in shares of Cummins Inc. (NYSE:CMI) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund bought 168,300 shares of the company’s stock, valued at approximately $46,607,000.

A number of other large investors have also modified their holdings of the business. CarsonAllaria Wealth Management Ltd. purchased a new position in Cummins in the second quarter worth $28,000. Cultivar Capital Inc. acquired a new stake in shares of Cummins in the second quarter valued at about $28,000. Lynx Investment Advisory purchased a new stake in Cummins during the second quarter worth about $29,000. LRI Investments LLC acquired a new position in Cummins during the first quarter worth about $31,000. Finally, JNBA Financial Advisors lifted its position in shares of Cummins by 1,111.1% during the 1st quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after acquiring an additional 100 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE:CMI opened at $301.59 on Wednesday. The company has a market cap of $41.25 billion, a P/E ratio of 22.08, a P/E/G ratio of 1.70 and a beta of 0.98. The business has a fifty day simple moving average of $296.14 and a 200-day simple moving average of $287.73. Cummins Inc. has a 52 week low of $212.80 and a 52 week high of $322.83. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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 the consensus estimate of $8.33 billion. During the same quarter in the prior year, the company posted $5.18 EPS. The company’s quarterly revenue was up 2.3% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 19.66 EPS for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio (DPR) is 53.29%.

Analysts Set New Price Targets

CMI has been the subject of several research reports. Citigroup assumed coverage on Cummins in a report on Wednesday, June 26th. They set a “buy” rating and a $320.00 price objective for the company. JPMorgan Chase & Co. lifted their price target on Cummins from $275.00 to $285.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Barclays increased 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, August 5th. Evercore ISI upped their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Finally, Truist Financial increased their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $299.55.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of the stock in a transaction on 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 filing with the Securities & Exchange Commission, which is available at this link. In other news, 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 value of $1,435,673.00. Following the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The transaction was disclosed in a document filed 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 completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Company 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.