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Charter Oak Capital Management LLC Acquires New Shares in Cummins Inc. (NYSE:CMI)

Defense World ·  10/04 18:01

Charter Oak Capital Management LLC acquired a new stake in Cummins Inc. (NYSE:CMI – Get Rating) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 150 shares of the company's stock, valued at approximately $29,000.

Other large investors have also made changes to their positions in the company. Cyrus J. Lawrence LLC bought a new stake in shares of Cummins in the 1st quarter valued at $25,000. Tyler Stone Wealth Management bought a new position in Cummins during the 1st quarter worth about $25,000. Mystic Asset Management Inc. bought a new position in Cummins during the 4th quarter worth about $27,000. Cornerstone Advisory LLC bought a new position in Cummins during the 4th quarter worth about $40,000. Finally, Intelligent Financial Strategies bought a new position in Cummins during the 4th quarter worth about $43,000. Institutional investors own 80.98% of the company's stock.

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Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 3,115 shares of the firm's stock in a transaction that occurred on Thursday, August 11th. The shares were sold at an average price of $225.11, for a total transaction of $701,217.65. Following the completion of the sale, the vice president now directly owns 16,348 shares in the company, valued at $3,680,098.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Srikanth Padmanabhan sold 6,020 shares of the firm's stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $222.01, for a total transaction of $1,336,500.20. Following the transaction, the insider now directly owns 22,020 shares of the company's stock, valued at $4,888,660.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 3,115 shares of the firm's stock in a transaction that occurred on Thursday, August 11th. The stock was sold at an average price of $225.11, for a total transaction of $701,217.65. Following the transaction, the vice president now directly owns 16,348 shares in the company, valued at $3,680,098.28. The disclosure for this sale can be found here. Insiders sold 14,001 shares of company stock worth $3,157,774 over the last three months. Insiders own 1.05% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. assumed coverage on Cummins in a report on Thursday, August 18th. They set a "neutral" rating for the company. Cowen lowered their target price on Cummins from $281.00 to $267.00 in a report on Thursday, July 7th. Credit Suisse Group increased their price objective on shares of Cummins from $249.00 to $266.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 3rd. StockNews.com upgraded shares of Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, August 3rd. Finally, Sanford C. Bernstein downgraded shares of Cummins from an "outperform" rating to a "market perform" rating and reduced their price objective for the stock from $238.00 to $190.00 in a research note on Wednesday, July 20th. Five analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $241.22.

Cummins Trading Up 3.0 %

Shares of NYSE:CMI opened at $209.59 on Tuesday. Cummins Inc. has a 52-week low of $184.27 and a 52-week high of $247.48. The company has a market capitalization of $29.55 billion, a P/E ratio of 14.68, a price-to-earnings-growth ratio of 1.29 and a beta of 1.00. The company has a 50-day simple moving average of $216.79 and a 200 day simple moving average of $206.40. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.04 and a current ratio of 1.66.

Cummins (NYSE:CMI – Get Rating) last issued its earnings results on Tuesday, August 2nd. The company reported $4.77 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.37 by $0.40. Cummins had a net margin of 8.26% and a return on equity of 23.41%. The business had revenue of $6.59 billion during the quarter, compared to the consensus estimate of $6.48 billion. During the same period last year, the business posted $4.15 EPS. Cummins's revenue was up 7.8% on a year-over-year basis. Sell-side analysts forecast that Cummins Inc. will post 18.03 earnings per share for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 1st. Shareholders 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 annualized dividend and a yield of 3.00%. Cummins's dividend payout ratio (DPR) is 43.98%.

Cummins Profile

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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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