Fullerton Fund Management Co Ltd. Buys New Position in Cummins Inc. $CMI

Fullerton Fund Management Co Ltd. bought a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,452 shares of the company’s stock, valued at approximately $741,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its position in Cummins by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after buying an additional 98,544 shares during the last quarter. State Street Corp raised its position in Cummins by 0.8% in the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock valued at $3,322,954,000 after buying an additional 49,628 shares during the last quarter. Geode Capital Management LLC raised its position in Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after buying an additional 35,286 shares during the last quarter. Fisher Asset Management LLC raised its position in Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after buying an additional 43,722 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after buying an additional 2,434,876 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Stock Up 3.2%

Shares of CMI stock opened at $701.15 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The firm’s 50-day moving average is $654.05 and its 200-day moving average is $586.69. The stock has a market cap of $96.75 billion, a price-to-earnings ratio of 36.39, a PEG ratio of 1.66 and a beta of 1.24. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08.

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

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. Cummins’s payout ratio is presently 41.52%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CMI. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Truist Financial set a $815.00 price target on Cummins in a research note on Wednesday, May 6th. Sanford C. Bernstein restated a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Morgan Stanley raised their price target on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings downgraded Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $726.14.

Insider Buying and Selling at Cummins

In related news, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $679.90, for a total transaction of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares of the company’s stock, valued at approximately $5,784,589.20. The trade was a 29.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 730 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total value of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares in the company, valued at $5,912,010.72. The trade was a 8.07% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 13,579 shares of company stock worth $9,377,684 in the last three months. 0.30% of the stock is owned by insiders.

About Cummins

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.