Distillate Capital Partners LLC Has $16.36 Million Stock Position in Cummins Inc. (NYSE:CMI)

Distillate Capital Partners LLC increased its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 109,309.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,081 shares of the company's stock after buying an additional 59,027 shares during the quarter. Distillate Capital Partners LLC's holdings in Cummins were worth $16,361,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in CMI. Price T Rowe Associates Inc. MD boosted its position in Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company's stock worth $2,342,001,000 after acquiring an additional 604,735 shares during the period. Fisher Asset Management LLC lifted its holdings in Cummins by 4.1% in the fourth quarter. Fisher Asset Management LLC now owns 2,587,895 shares of the company's stock worth $619,982,000 after purchasing an additional 103,018 shares during the period. Dimensional Fund Advisors LP grew its position in Cummins by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company's stock valued at $469,869,000 after buying an additional 26,977 shares in the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in Cummins by 4.8% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 1,398,061 shares of the company's stock valued at $334,933,000 after buying an additional 64,365 shares during the period. Finally, Nordea Investment Management AB raised its position in shares of Cummins by 5.6% during the 1st quarter. Nordea Investment Management AB now owns 911,720 shares of the company's stock worth $268,492,000 after buying an additional 48,211 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Trading Up 3.2 %

Shares of Cummins stock traded up $10.10 during trading on Tuesday, hitting $323.58. The stock had a trading volume of 1,043,935 shares, compared to its average volume of 1,657,114. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $44.26 billion, a PE ratio of 23.69, a P/E/G 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 $328.10. The stock has a 50 day simple moving average of $298.69 and a 200 day simple moving average of $289.17.

Cummins (NYSE:CMI - Get Free Report) last announced its earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company's revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $5.18 EPS. On average, research analysts expect 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. Shareholders of record on Friday, August 23rd were given a dividend of $1.82 per share. The ex-dividend date was Friday, August 23rd. This is a positive change from Cummins's previous quarterly dividend of $1.68. This represents a $7.28 dividend on an annualized basis and a yield of 2.25%. Cummins's dividend payout ratio (DPR) is presently 53.29%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Truist Financial increased their price objective on shares of Cummins from $315.00 to $349.00 and gave the company a "hold" rating in a report on Monday, August 5th. Raymond James started coverage on Cummins in a research report on Friday, June 28th. They set a "market perform" rating on the stock. Barclays upped their price objective on Cummins from $259.00 to $310.00 and gave the company an "equal weight" rating in a report on Monday, August 5th. Citigroup began coverage on Cummins in a report on Wednesday, June 26th. They set a "buy" rating and a $320.00 target price on the stock. Finally, JPMorgan Chase & Co. upped 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. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $299.55.

Insider Buying and Selling at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm's stock in a transaction that occurred on 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 sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related 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 completion of the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 in the company, valued at approximately $6,269,205.55. The disclosure for this sale can be found here. Company insiders own 0.56% of the company's stock.

Cummins 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.