Lynch Asset Management Inc. lifted its position in Cummins Inc. (NYSE:CMI – Get Rating) by 2.8% during the 2nd quarter, HoldingsChannel reports. The firm owned 18,050 shares of the company's stock after acquiring an additional 500 shares during the quarter. Cummins accounts for about 2.9% of Lynch Asset Management Inc.'s investment portfolio, making the stock its 13th largest holding. Lynch Asset Management Inc.'s holdings in Cummins were worth $3,494,000 at the end of the most recent quarter.
Several other large investors have also recently made changes to their positions in the company. Cyrus J. Lawrence LLC bought a new stake in Cummins during the first quarter worth approximately $25,000. Tyler Stone Wealth Management bought a new stake in Cummins during the first quarter worth approximately $25,000. Mystic Asset Management Inc. purchased a new position in shares of Cummins during the fourth quarter valued at approximately $27,000. Charter Oak Capital Management LLC purchased a new position in shares of Cummins during the second quarter valued at approximately $29,000. Finally, Cornerstone Advisory LLC purchased a new position in shares of Cummins during the fourth quarter valued at approximately $40,000. 80.98% of the stock is owned by institutional investors.
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Analyst Ratings Changes
Several research analysts have issued reports on CMI shares. Cowen dropped their target price on Cummins from $281.00 to $267.00 in a research report on Thursday, July 7th. JPMorgan Chase & Co. started coverage on Cummins in a research report on Thursday, August 18th. They set a "neutral" rating for the company. Sanford C. Bernstein lowered Cummins from an "outperform" rating to a "market perform" rating and dropped their target price for the company from $238.00 to $190.00 in a research report on Wednesday, July 20th. StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, August 3rd. Finally, Cowen lowered their price target on Cummins from $281.00 to $267.00 in a report on Thursday, July 7th. Five research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $241.22.
Cummins Stock Down 0.5 %
Shares of CMI stock traded down $1.08 during trading hours on Friday, reaching $203.51. 978,363 shares of the company's stock were exchanged, compared to its average volume of 691,850. The stock's 50 day moving average is $216.73 and its 200-day moving average is $206.36. The company has a market cap of $28.69 billion, a price-to-earnings ratio of 14.25, a P/E/G ratio of 1.29 and a beta of 1.03. The company has a current ratio of 1.66, a quick ratio of 1.04 and a debt-to-equity ratio of 0.36. Cummins Inc. has a fifty-two week low of $184.27 and a fifty-two week high of $247.48.
Cummins (NYSE:CMI – Get Rating) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $4.77 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.37 by $0.40. The business had revenue of $6.59 billion for the quarter, compared to the consensus estimate of $6.48 billion. Cummins had a return on equity of 23.41% and a net margin of 8.26%. The business's quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $4.15 earnings per share. Analysts predict that Cummins Inc. will post 18.03 earnings per share for the current fiscal year.
Cummins Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 1st. Stockholders of record on Friday, August 19th were given a dividend of $1.57 per share. The ex-dividend date was Thursday, August 18th. This is an increase from Cummins's previous quarterly dividend of $1.45. This represents a $6.28 dividend on an annualized basis and a dividend yield of 3.09%. Cummins's dividend payout ratio is presently 43.98%.
Insider Transactions at Cummins
In related news, insider Srikanth Padmanabhan sold 6,020 shares of the company's stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total value of $1,336,500.20. Following the transaction, the insider now directly owns 22,020 shares of the company's stock, valued at approximately $4,888,660.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Srikanth Padmanabhan sold 6,020 shares of the company's stock in a transaction on Wednesday, August 10th. The stock was sold at an average price of $222.01, for a total value of $1,336,500.20. Following the transaction, the insider now directly owns 22,020 shares of the company's stock, valued at approximately $4,888,660.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Vice Chairman Tony Satterthwaite sold 4,866 shares of the stock in a transaction dated Friday, August 26th. The stock was sold at an average price of $230.18, for a total value of $1,120,055.88. Following the sale, the insider now directly owns 59,276 shares in the company, valued at $13,644,149.68. The disclosure for this sale can be found here. Over the last three months, insiders have sold 14,001 shares of company stock valued at $3,157,774. Corporate insiders own 1.00% of the company's stock.
About Cummins
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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 New Power. 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 new parts and services, as well as remanufactured parts and engines.
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