6,105 Cummins Inc. $CMI Shares Acquired by Goelzer Investment Management Inc.

Goelzer Investment Management Inc. grew its stake in Cummins Inc. (NYSE:CMI) by 180.3% in the third quarter, HoldingsChannel reports. The institutional investor owned 9,491 shares of the company’s stock after buying an additional 6,105 shares during the period. Goelzer Investment Management Inc.’s holdings in Cummins were worth $4,903,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in shares of Cummins during the second quarter worth $8,204,241,000. Bank of America Corp DE acquired a new stake in Cummins in the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp acquired a new stake in shares of Cummins in the second quarter valued at about $973,198,000. Legal & General Group Plc acquired a new stake in Cummins in the 2nd quarter worth about $666,635,000. Finally, SG Americas Securities LLC boosted its stake in Cummins by 257.9% during the 1st quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock worth $396,343,000 after purchasing an additional 530,812 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE:CMI opened at $530.72 on Friday. The business has a fifty day simple moving average of $555.86 and a 200-day simple moving average of $619.86. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 52 week low of $405.82 and a 52 week high of $737.76. The company has a market cap of $73.06 billion, a P/E ratio of 27.12, a P/E/G ratio of 1.41 and a beta of 1.24.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The firm had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a net margin of 7.82% and a return on equity of 25.29%. Cummins’s revenue was up 9.4% on a year-over-year basis. During the same period last year, the firm posted $6.43 EPS. Equities research analysts forecast that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be paid a $2.20 dividend. The ex-dividend date of this dividend is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. Cummins’s dividend payout ratio (DPR) is currently 44.97%.

Insider Activity

In other Cummins news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares of the company’s stock, valued at $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.30% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CMI shares. Wells Fargo & Company cut their price objective on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating for the company in a research report on Thursday, October 8th. DA Davidson lifted their price objective on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Evercore reduced their price target on shares of Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a research report on Tuesday, August 11th. Finally, Truist Financial cut their price objective on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research report on Monday, October 5th. Thirteen investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $708.18.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.