Cummins Inc. $CMI Shares Newly Bought by Strategy Asset Managers LLC

Strategy Asset Managers LLC purchased a new position in Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,337 shares of the company’s stock, valued at approximately $691,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP grew its position in Cummins by 243.5% during the 2nd quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock worth $353,072,000 after acquiring an additional 350,910 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Cummins by 45.2% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock valued at $6,981,000 after purchasing an additional 4,538 shares in the last quarter. Bank of America Corp DE bought a new position in Cummins in the 2nd quarter valued at $1,408,353,000. Raiffeisen Bank International AG raised its position in Cummins by 55.1% in the 2nd quarter. Raiffeisen Bank International AG now owns 46,817 shares of the company’s stock valued at $32,355,000 after purchasing an additional 16,623 shares during the last quarter. Finally, Legacy Private Trust Co. boosted its stake in Cummins by 1,264.1% in the third quarter. Legacy Private Trust Co. now owns 12,222 shares of the company’s stock worth $6,314,000 after purchasing an additional 11,326 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.7%

Cummins stock opened at $525.39 on Thursday. The firm has a market capitalization of $72.33 billion, a price-to-earnings ratio of 26.85, a PEG ratio of 1.39 and a beta of 1.24. The company’s 50 day simple moving average is $560.36 and its 200 day simple moving average is $620.42. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a fifty-two week low of $405.82 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share for the quarter, missing the consensus estimate of $7.21 by ($0.48). The firm had revenue of $9.46 billion during the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $6.43 earnings per share. As a group, sell-side analysts anticipate that Cummins Inc. will post 30.10 EPS for the current year.

Cummins Announces Dividend

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

Insider Buying and Selling

In other Cummins news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the company. Truist Financial decreased their target price on Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Evercore cut their price target on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a report on Tuesday, August 11th. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. UBS Group reduced their price target on shares of Cummins from $835.00 to $741.00 and set a “buy” rating on the stock in a research report on Wednesday, September 30th. Finally, Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, August 31st. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $708.18.

Cummins Profile

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.