MASTERINVEST Kapitalanlage GmbH Lowers Stock Position in Cummins Inc. $CMI

MASTERINVEST Kapitalanlage GmbH reduced its position in shares of Cummins Inc. (NYSE:CMI) by 45.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,012 shares of the company’s stock after selling 3,340 shares during the period. MASTERINVEST Kapitalanlage GmbH’s holdings in Cummins were worth $2,159,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Livforsakringsbolaget Skandia Omsesidigt boosted its stake in shares of Cummins by 9.8% in the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 51,440 shares of the company’s stock worth $27,658,000 after buying an additional 4,600 shares during the last quarter. Northstar Financial Companies Inc. purchased a new stake in shares of Cummins during the first quarter valued at approximately $207,000. Adell Harriman & Carpenter Inc. increased its position in shares of Cummins by 1.6% during the first quarter. Adell Harriman & Carpenter Inc. now owns 17,347 shares of the company’s stock valued at $9,333,000 after acquiring an additional 277 shares during the last quarter. Checchi Capital Advisers LLC lifted its holdings in Cummins by 8.1% during the first quarter. Checchi Capital Advisers LLC now owns 2,496 shares of the company’s stock worth $1,343,000 after acquiring an additional 187 shares during the period. Finally, Maryland State Retirement & Pension System boosted its position in Cummins by 2.0% in the first quarter. Maryland State Retirement & Pension System now owns 6,954 shares of the company’s stock worth $3,741,000 after purchasing an additional 135 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on CMI shares. Robert W. Baird set a $700.00 price objective on Cummins in a research note on Wednesday, May 6th. Morgan Stanley boosted 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. Wells Fargo & Company increased their price target on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. raised their price objective on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Finally, Truist Financial lifted their price objective on shares of Cummins from $815.00 to $901.00 and gave the stock a “buy” rating in a research report on Thursday, July 2nd. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $739.43.

Insider Buying and Selling

In related news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. The trade was a 8.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 13,579 shares of company stock valued at $9,377,684. Corporate insiders own 0.30% of the company’s stock.

Cummins Stock Up 1.6%

Shares of NYSE CMI opened at $675.02 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The stock has a market capitalization of $93.15 billion, a PE ratio of 35.03, a P/E/G ratio of 1.62 and a beta of 1.22. Cummins Inc. has a one year low of $339.74 and a one year high of $737.76. The business’s fifty day moving average price is $679.36 and its 200-day moving average price is $612.10.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm posted $5.96 EPS. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. On average, equities research analysts anticipate that Cummins Inc. will post 29.33 EPS for the current year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st will be paid a $2.20 dividend. The ex-dividend date is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. This represents a $8.80 annualized dividend and a dividend yield of 1.3%. Cummins’s dividend payout ratio is 41.52%.

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.