First Trust Direct Indexing L.P. Raises Stock Holdings in Cummins Inc. (NYSE:CMI)

First Trust Direct Indexing L.P. grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 12.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 5,711 shares of the company’s stock after purchasing an additional 618 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Cummins were worth $1,849,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CMI. Pathway Financial Advisers LLC increased its position in shares of Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after purchasing an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC increased its position in shares of Cummins by 38,765.8% during the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after purchasing an additional 972,247 shares during the last quarter. Price T Rowe Associates Inc. MD increased 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 during the last quarter. Jupiter Asset Management Ltd. purchased a new stake in shares of Cummins during the 2nd quarter valued at about $68,018,000. Finally, SG Americas Securities LLC increased its position in shares of Cummins by 1,012.0% during the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock valued at $54,574,000 after purchasing an additional 179,346 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the subject of several research reports. Citigroup upped their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Evercore ISI boosted their price objective on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Barclays boosted their price objective on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Finally, Robert W. Baird boosted their price objective on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $311.55.

Cummins Trading Up 0.2 %

CMI stock opened at $331.85 on Thursday. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The company has a market capitalization of $45.39 billion, a price-to-earnings ratio of 24.29, a PEG ratio of 1.92 and a beta of 0.98. The business has a 50 day simple moving average of $318.09 and a two-hundred day simple moving average of $296.64.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same period in the prior year, the company posted $5.18 EPS. Research analysts anticipate that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. Cummins’s dividend payout ratio (DPR) is 53.29%.

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.