Empowered Funds LLC Increases Holdings in Cummins Inc. (NYSE:CMI)

Empowered Funds LLC boosted its position in Cummins Inc. (NYSE:CMI) by 15.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,617 shares of the company’s stock after purchasing an additional 3,265 shares during the period. Empowered Funds LLC’s holdings in Cummins were worth $7,971,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Cultivar Capital Inc. purchased a new position in shares of Cummins during the 2nd quarter valued at $28,000. CarsonAllaria Wealth Management Ltd. purchased a new stake in Cummins during the 2nd quarter valued at about $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the second quarter valued at about $29,000. LRI Investments LLC purchased a new stake in Cummins in the 1st quarter worth approximately $31,000. Finally, Kathleen S. Wright Associates Inc. purchased a new stake in shares of Cummins in the 3rd quarter worth about $34,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at $7,456,419.29. The trade was a 8.77 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Tony Satterthwaite sold 24,250 shares of the 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 transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. The trade was a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 28,576 shares of company stock valued at $9,033,945. Insiders own 0.56% of the company’s stock.

Cummins Stock Performance

NYSE CMI opened at $361.85 on Friday. The stock has a market capitalization of $49.64 billion, a PE ratio of 23.90, a P/E/G ratio of 1.79 and a beta of 0.97. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.21. The business has a 50 day simple moving average of $328.91 and a two-hundred day simple moving average of $301.51. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.89 by $0.97. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s revenue was up .3% compared to the same quarter last year. During the same period in the prior year, the company earned $4.73 EPS. On average, research analysts predict that Cummins Inc. will post 20.61 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.01%. Cummins’s payout ratio is 48.08%.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the company. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target for the company. in a report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a report on Friday, October 11th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the company from $294.00 to $408.00 in a research note on Wednesday. Finally, Robert W. Baird upped their price target on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $334.33.

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.