Rare Wolf Capital LLC Acquires New Shares in Cummins Inc. $CMI

Rare Wolf Capital LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 740 shares of the company’s stock, valued at approximately $378,000.

Several other hedge funds also recently bought and sold shares of CMI. Axxcess Wealth Management LLC lifted its stake in Cummins by 1.6% in the fourth quarter. Axxcess Wealth Management LLC now owns 17,493 shares of the company’s stock valued at $8,929,000 after acquiring an additional 269 shares during the last quarter. Birchwood Financial Partners Inc. acquired a new position in shares of Cummins during the 4th quarter worth $28,000. Corient Private Wealth LLC increased its stake in shares of Cummins by 52.4% during the 4th quarter. Corient Private Wealth LLC now owns 492,638 shares of the company’s stock worth $251,467,000 after purchasing an additional 169,371 shares during the last quarter. Mercer Global Advisors Inc. ADV raised its holdings in shares of Cummins by 17.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 70,235 shares of the company’s stock valued at $35,852,000 after purchasing an additional 10,457 shares in the last quarter. Finally, Raymond James Financial Inc. lifted its stake in shares of Cummins by 2.6% in the 4th quarter. Raymond James Financial Inc. now owns 1,555,541 shares of the company’s stock valued at $794,521,000 after purchasing an additional 40,068 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Brett Michael Merritt sold 701 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This represents a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction 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 in the company, valued at $5,784,589.20. This trade represents a 29.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 13,579 shares of company stock worth $9,377,684. 0.30% of the stock is currently owned by company insiders.

Cummins Stock Down 0.2%

Cummins stock opened at $716.50 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $737.76. The firm has a fifty day moving average price of $660.60 and a two-hundred day moving average price of $589.80. The firm has a market cap of $98.87 billion, a price-to-earnings ratio of 37.18, a P/E/G ratio of 1.75 and a beta of 1.23.

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

Cummins Dividend Announcement

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

Analysts Set New Price Targets

CMI has been the topic of several recent research reports. Truist Financial set a $815.00 target price on Cummins in a report on Wednesday, May 6th. Citigroup upped their price target on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Evercore reissued an “outperform” rating and set a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Wells Fargo & Company raised their price objective on Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report 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 issued a Hold rating to the company. According to MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $731.86.

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.