Novare Capital Management LLC Has $10.91 Million Stake in Cummins Inc. (NYSE:CMI)

Novare Capital Management LLC decreased its position in Cummins Inc. (NYSE:CMI) by 2.4% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 39,387 shares of the company’s stock after selling 986 shares during the period. Novare Capital Management LLC’s holdings in Cummins were worth $10,907,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Beacon Financial Group boosted its stake in shares of Cummins by 7.0% during the 4th quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after buying an additional 126 shares during the period. KBC Group NV boosted its stake in shares of Cummins by 283.2% during the 4th quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after buying an additional 57,341 shares during the period. Manning & Napier Advisors LLC acquired a new stake in shares of Cummins during the 2nd quarter valued at $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Cummins by 13.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after buying an additional 21,850 shares during the period. Finally, Duality Advisers LP raised its holdings in shares of Cummins by 190.3% during the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock valued at $5,433,000 after purchasing an additional 12,087 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock traded down $6.31 during trading on Tuesday, reaching $306.54. The company’s stock had a trading volume of 186,043 shares, compared to its average volume of 1,739,962. The stock has a 50-day moving average price of $290.69 and a two-hundred day moving average price of $285.23. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. Cummins Inc. has a one year low of $212.80 and a one year high of $322.83. The stock has a market capitalization of $41.93 billion, a P/E ratio of 22.90, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99.

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, beating analysts’ consensus estimates 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 analysts’ expectations of $8.33 billion. During the same period in the previous year, the business posted $5.18 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be issued a dividend of $1.82 per share. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.37%. The ex-dividend date is Friday, August 23rd. Cummins’s payout ratio is currently 53.29%.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated 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 completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction dated 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 sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 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 $23,870,722.08. The disclosure for this sale can be found here. Company insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CMI. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Truist Financial raised their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a report on Monday, August 5th. StockNews.com upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Wednesday, May 8th. JPMorgan Chase & Co. raised their price target on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Finally, Evercore ISI raised their price target on shares of Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a report on Monday, August 19th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Cummins presently has an average rating of “Hold” and a consensus price target of $299.55.

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.