St. Johns Investment Management Company LLC Has $1.41 Million Stake in Cummins Inc. (NYSE:CMI)

St. Johns Investment Management Company LLC boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 3.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,087 shares of the company’s stock after buying an additional 163 shares during the quarter. St. Johns Investment Management Company LLC’s holdings in Cummins were worth $1,409,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Cummins in the fourth quarter valued at $298,867,000. Price T Rowe Associates Inc. MD boosted its position in shares of 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 in the last quarter. SG Americas Securities LLC increased its holdings in Cummins by 1,012.0% in the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Cummins by 129.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 297,001 shares of the company’s stock worth $71,153,000 after buying an additional 167,485 shares in the last quarter. Finally, Swedbank AB acquired a new stake in shares of Cummins during the 1st quarter worth approximately $44,489,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Performance

CMI traded up $1.04 during trading hours on Monday, hitting $310.35. The stock had a trading volume of 537,906 shares, compared to its average volume of 1,776,695. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock has a market cap of $42.45 billion, a PE ratio of 22.72, a price-to-earnings-growth ratio of 1.93 and a beta of 0.99. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $322.83. The company’s fifty day simple moving average is $287.47 and its 200 day simple moving average is $283.41.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.18 EPS. Equities analysts anticipate that Cummins Inc. will post 18.61 earnings per share 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 issued a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Friday, August 23rd. This is a positive change from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is 53.29%.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on 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 transaction, the vice president now owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Raymond James began coverage on shares of Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Truist Financial raised 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, August 5th. Robert W. Baird upped their target price on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $299.55.

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.