Cummins Inc. (NYSE:CMI) Shares Purchased by Hsbc Holdings PLC

Hsbc Holdings PLC raised its position in Cummins Inc. (NYSE:CMI) by 11.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 648,990 shares of the company’s stock after purchasing an additional 68,923 shares during the period. Hsbc Holdings PLC owned 0.47% of Cummins worth $179,265,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. SkyOak Wealth LLC grew its stake in shares of Cummins by 20.0% in the 2nd quarter. SkyOak Wealth LLC now owns 1,800 shares of the company’s stock valued at $498,000 after buying an additional 300 shares during the period. Blair William & Co. IL raised its position in Cummins by 4.1% in the second quarter. Blair William & Co. IL now owns 24,685 shares of the company’s stock valued at $6,836,000 after purchasing an additional 961 shares during the period. Vanguard Personalized Indexing Management LLC increased its position in shares of Cummins by 4.0% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 21,949 shares of the company’s stock worth $6,078,000 after purchasing an additional 849 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. raised its holdings in Cummins by 10.2% in the 2nd quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,947 shares of the company’s stock valued at $1,370,000 after buying an additional 457 shares during the period. Finally, Argent Trust Co lifted its position in Cummins by 6.1% in the second quarter. Argent Trust Co now owns 10,799 shares of the company’s stock valued at $2,991,000 after buying an additional 621 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Robert W. Baird boosted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Truist Financial upped their price target on Cummins from $315.00 to $349.00 and gave the stock a “hold” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. lifted their price objective on Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Barclays increased their target price on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Finally, Citigroup began 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. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $299.55.

Insider Transactions at Cummins

In related 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 value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction dated 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 completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Up 0.2 %

Shares of Cummins stock opened at $301.59 on Wednesday. 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 Inc. has a 52-week low of $212.80 and a 52-week high of $322.83. The company has a market capitalization 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 company has a 50 day moving average of $296.14 and a 200 day moving average of $287.73.

Cummins (NYSE:CMI) last released its quarterly earnings data 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 net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the company earned $5.18 EPS. The company’s revenue for the quarter was up 2.3% on a year-over-year basis. As a group, research analysts forecast that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were issued a $1.82 dividend. The ex-dividend date of this dividend was Friday, August 23rd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.41%. This is an increase from Cummins’s previous quarterly dividend of $1.68. Cummins’s dividend payout ratio is presently 53.29%.

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.