Lynx Investment Advisory Makes New Investment in Cummins Inc. (NYSE:CMI)

Lynx Investment Advisory bought a new stake in shares of Cummins Inc. (NYSE:CMI) during the second quarter, HoldingsChannel reports. The firm bought 103 shares of the company’s stock, valued at approximately $29,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CMI. Norges Bank purchased a new position in Cummins during the fourth quarter valued at $298,867,000. Price T Rowe Associates Inc. MD grew its position in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Cummins by 129.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock valued at $71,153,000 after purchasing an additional 167,485 shares during the last quarter. Swedbank AB bought a new stake in Cummins during the 1st quarter valued at about $44,489,000. Finally, Pinebridge Investments L.P. raised its holdings in Cummins by 1,050.5% in the fourth quarter. Pinebridge Investments L.P. now owns 162,955 shares of the company’s stock worth $39,039,000 after buying an additional 148,791 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Jeffrey T. Wiltrout bought 282 shares of the company’s stock in a transaction that occurred on Friday, May 24th. The stock was bought at an average price of $285.11 per share, with a total value of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, VP Marvin Boakye bought 1,745 shares of the stock in a transaction dated Monday, May 20th. The shares were purchased at an average price of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares of the company’s stock, valued at $499,139.80. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP Jeffrey T. Wiltrout bought 282 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were bought at an average cost of $285.11 per share, with a total value of $80,401.02. Following the completion of the purchase, the vice president now directly owns 1,262 shares of the company’s stock, valued at approximately $359,808.82. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock traded up $3.68 during mid-day trading on Wednesday, reaching $295.99. 329,811 shares of the company’s stock traded hands, compared to its average volume of 1,871,327. Cummins Inc. has a 12 month low of $212.80 and a 12 month high of $322.83. The firm has a 50 day moving average price of $280.31 and a two-hundred day moving average price of $277.76. The firm has a market capitalization of $40.49 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.84 and a current ratio of 1.34.

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

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd will be paid a $1.82 dividend. The ex-dividend date is Friday, August 23rd. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.46%. Cummins’s dividend payout ratio is 53.29%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CMI shares. 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 report on Monday. StockNews.com raised Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Citigroup initiated coverage on Cummins in a research report on Wednesday, June 26th. They issued a “buy” rating and a $320.00 target price for the company. The Goldman Sachs Group raised their price target on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. Finally, TD Cowen boosted their price objective on shares of Cummins from $272.00 to $292.00 and gave the company a “buy” rating in a report on Friday, May 10th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $295.00.

About Cummins

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.