Resources Management Corp CT ADV Has $1.61 Million Stock Position in Cummins Inc. $CMI

Resources Management Corp CT ADV raised its stake in Cummins Inc. (NYSE:CMI) by 42.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,146 shares of the company’s stock after buying an additional 941 shares during the period. Resources Management Corp CT ADV’s holdings in Cummins were worth $1,606,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. grew its position in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new position in Cummins in the 4th quarter worth about $863,441,000. Boston Partners acquired a new position in Cummins in the 3rd quarter worth about $473,471,000. London Co. of Virginia acquired a new position in Cummins in the 3rd quarter worth about $231,732,000. Finally, First Trust Advisors LP increased its holdings in Cummins by 245.1% in the 4th quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock worth $277,071,000 after purchasing an additional 385,525 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on CMI. Zacks Research raised Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. upped their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Argus lifted their price target on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Morgan Stanley lifted their price target on shares of Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. Finally, UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $565.00 to $850.00 in a report on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $726.14.

Cummins Price Performance

Shares of NYSE:CMI opened at $659.77 on Monday. The firm has a market cap of $91.04 billion, a PE ratio of 34.24, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24. The firm’s fifty day moving average is $648.43 and its 200-day moving average is $583.95. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $718.08.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins’s revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.96 earnings per share. Sell-side analysts predict that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a $2.00 dividend. The ex-dividend date was Friday, May 22nd. This represents a $8.00 annualized dividend and a yield of 1.2%. Cummins’s payout ratio is presently 41.52%.

Insiders Place Their Bets

In related news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction on Friday, May 8th. The shares were sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the completion of the transaction, the vice president owned 8,508 shares in the company, valued at approximately $5,784,589.20. The trade was a 29.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,579 shares of company stock valued at $9,377,684 over the last quarter. Company insiders own 0.30% of the company’s stock.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.