Cummins Inc. (NYSE:CMI) Shares Acquired by Plato Investment Management Ltd

Plato Investment Management Ltd increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 3,576.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,992 shares of the company’s stock after purchasing an additional 5,829 shares during the period. Plato Investment Management Ltd’s holdings in Cummins were worth $1,659,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Cultivar Capital Inc. acquired a new stake in shares of Cummins during the second quarter worth about $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the 2nd quarter valued at approximately $28,000. Lynx Investment Advisory acquired a new stake in Cummins during the 2nd quarter worth approximately $29,000. LRI Investments LLC purchased a new position in shares of Cummins in the 1st quarter valued at approximately $31,000. Finally, JNBA Financial Advisors increased its holdings in shares of Cummins by 1,111.1% in the first quarter. JNBA Financial Advisors now owns 109 shares of the company’s stock valued at $32,000 after purchasing an additional 100 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Performance

NYSE CMI opened at $302.13 on Monday. The business has a 50 day moving average price of $294.86 and a 200 day moving average price of $287.28. 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 $41.41 billion, a P/E ratio of 22.12, a PEG ratio of 1.70 and a beta of 0.98. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $322.83.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same quarter in the previous year, the company posted $5.18 EPS. The business’s revenue was up 2.3% on a year-over-year basis. Sell-side analysts expect that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The firm 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 annualized dividend and a dividend yield of 2.41%. The ex-dividend date of this dividend was Friday, August 23rd. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is 53.29%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on CMI. Truist Financial lifted their price objective 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. JPMorgan Chase & Co. lifted their target price on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Evercore ISI increased their price target on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Robert W. Baird raised their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Citigroup assumed coverage on Cummins in a research report on Wednesday, June 26th. They set a “buy” rating and a $320.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $299.55.

Insider Activity

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated 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 completion of the transaction, the vice president now 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 the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the completion of the transaction, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

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.