Harbor Capital Advisors Inc. Sells 66 Shares of Cummins Inc. (NYSE:CMI)

Harbor Capital Advisors Inc. trimmed its holdings in shares of Cummins Inc. (NYSE:CMI) by 1.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,377 shares of the company’s stock after selling 66 shares during the quarter. Harbor Capital Advisors Inc.’s holdings in Cummins were worth $935,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Sequoia Financial Advisors LLC raised its holdings in shares of Cummins by 200.9% in the fourth quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock valued at $1,387,000 after acquiring an additional 3,866 shares in the last quarter. Beacon Financial Group raised its holdings in shares of Cummins by 7.0% in the fourth quarter. Beacon Financial Group now owns 1,933 shares of the company’s stock valued at $463,000 after acquiring an additional 126 shares in the last quarter. KBC Group NV raised its holdings in shares of Cummins by 283.2% in the fourth quarter. KBC Group NV now owns 77,585 shares of the company’s stock valued at $18,587,000 after acquiring an additional 57,341 shares in the last quarter. Capital Advisors Inc. OK bought a new stake in shares of Cummins in the fourth quarter valued at about $24,915,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock valued at $55,073,000 after acquiring an additional 21,850 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In related news, VP Marvin Boakye bought 1,745 shares of the company’s stock in a transaction on Monday, May 20th. The stock was bought at an average cost of $286.04 per share, for a total transaction of $499,139.80. Following the acquisition, the vice president now directly owns 1,745 shares in the company, valued at $499,139.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Cummins news, VP Jeffrey T. Wiltrout purchased 282 shares of the stock in a transaction dated Friday, May 24th. The stock was acquired at an average cost of $285.11 per share, for a total transaction of $80,401.02. Following the acquisition, the vice president now owns 1,262 shares in the company, valued at approximately $359,808.82. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Marvin Boakye purchased 1,745 shares of the stock in a transaction dated Monday, May 20th. The shares were acquired at an average price of $286.04 per share, with a total value of $499,139.80. Following the completion of the acquisition, the vice president now owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. 0.56% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. TD Cowen boosted their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a report on Friday, May 10th. Robert W. Baird boosted their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Wednesday, May 8th. The Goldman Sachs Group upped their target price on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, Truist Financial upped their target price on Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research report on Monday. Two research analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $295.00.

Cummins Price Performance

Shares of CMI stock traded up $2.23 during trading hours on Wednesday, hitting $294.54. 454,712 shares of the company’s stock were exchanged, compared to its average volume of 1,872,154. The firm has a 50 day moving average of $280.31 and a two-hundred day moving average of $277.76. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The firm has a market cap of $40.29 billion, a P/E ratio of 21.62, a P/E/G ratio of 1.93 and a beta of 0.99.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Thursday, August 1st. The company reported $5.26 EPS for the quarter, beating the consensus estimate of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The firm had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the prior year, the company earned $5.18 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 18.61 EPS for the current year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be issued a $1.82 dividend. This is a boost from Cummins’s previous quarterly dividend of $1.68. This represents a $7.28 annualized dividend and a yield of 2.47%. The ex-dividend date of this dividend is Friday, August 23rd. Cummins’s dividend payout ratio is presently 53.29%.

About Cummins

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.