Scientech Research LLC Invests $3.03 Million in Cummins Inc. (NYSE:CMI)

Scientech Research LLC bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 10,922 shares of the company's stock, valued at approximately $3,025,000. Cummins comprises 0.6% of Scientech Research LLC's portfolio, making the stock its 11th biggest holding.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Atlantic Edge Private Wealth Management LLC lifted its holdings in shares of Cummins by 0.7% in the second quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company's stock worth $1,488,000 after acquiring an additional 35 shares during the last quarter. Fidelis Capital Partners LLC raised its holdings in Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company's stock valued at $340,000 after buying an additional 38 shares during the last quarter. Greenleaf Trust raised its holdings in Cummins by 0.5% in the 1st quarter. Greenleaf Trust now owns 7,720 shares of the company's stock valued at $2,275,000 after buying an additional 40 shares during the last quarter. Bangor Savings Bank raised its holdings in Cummins by 39.2% in the 2nd quarter. Bangor Savings Bank now owns 142 shares of the company's stock valued at $39,000 after buying an additional 40 shares during the last quarter. Finally, Aptus Capital Advisors LLC raised its holdings in Cummins by 2.6% in the 2nd quarter. Aptus Capital Advisors LLC now owns 1,636 shares of the company's stock valued at $453,000 after buying an additional 41 shares during the last quarter. Institutional investors own 83.46% of the company's stock.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 4,780 shares of the firm'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 transaction 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction 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 of the company's stock, valued at approximately $23,870,722.08. The disclosure for this sale can be found here. Insiders own 0.56% of the company's stock.

Cummins Stock Up 2.2 %

Cummins stock opened at $324.51 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34. Cummins Inc. has a 52-week low of $212.80 and a 52-week high of $333.43. The firm has a 50 day moving average price of $299.67 and a two-hundred day moving average price of $289.61. The firm has a market cap of $44.39 billion, a price-to-earnings ratio of 23.76, a PEG ratio of 1.81 and a beta of 0.98.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion during 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 quarterly revenue was up 2.3% on a year-over-year basis. During the same quarter last year, the firm posted $5.18 EPS. Equities analysts predict that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Stockholders of record on Friday, August 23rd were given a dividend of $1.82 per share. This is an increase from Cummins's previous quarterly dividend of $1.68. The ex-dividend date was Friday, August 23rd. This represents a $7.28 annualized dividend and a dividend yield of 2.24%. Cummins's dividend payout ratio (DPR) is 53.29%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CMI shares. Raymond James started coverage on shares of Cummins in a report on Friday, June 28th. They issued a "market perform" rating for the company. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $275.00 to $285.00 and gave the company an "underweight" rating in a report on Friday, August 2nd. Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an "equal weight" rating in a report on Monday, August 5th. Evercore ISI raised their price objective 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. Finally, Robert W. Baird raised their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a "neutral" rating in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.