AlphaQuest LLC Sells 2,496 Shares of Cummins Inc. $CMI

AlphaQuest LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 65.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,332 shares of the company’s stock after selling 2,496 shares during the quarter. AlphaQuest LLC’s holdings in Cummins were worth $436,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CMI. Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its position in Cummins by 12.5% during the 2nd quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 450 shares of the company’s stock worth $147,000 after buying an additional 50 shares during the last quarter. Asset Management One Co. Ltd. increased its holdings in shares of Cummins by 0.8% during the 2nd quarter. Asset Management One Co. Ltd. now owns 57,447 shares of the company’s stock valued at $18,814,000 after purchasing an additional 477 shares in the last quarter. AlTi Global Inc. increased its holdings in shares of Cummins by 5.0% during the 2nd quarter. AlTi Global Inc. now owns 4,287 shares of the company’s stock valued at $1,425,000 after purchasing an additional 203 shares in the last quarter. Cardinal Point Capital Management ULC purchased a new position in shares of Cummins during the 2nd quarter valued at approximately $328,000. Finally, KPP Advisory Services LLC increased its holdings in shares of Cummins by 35.9% during the 2nd quarter. KPP Advisory Services LLC now owns 1,868 shares of the company’s stock valued at $612,000 after purchasing an additional 493 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cummins

In other Cummins news, VP Robert Enright sold 1,860 shares of Cummins stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $402.26, for a total transaction of $748,203.60. Following the sale, the vice president owned 955 shares of the company’s stock, valued at $384,158.30. The trade was a 66.07% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 8,000 shares of Cummins stock in a transaction on Monday, October 6th. The stock was sold at an average price of $439.30, for a total transaction of $3,514,400.00. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at approximately $13,873,972.60. This trade represents a 20.21% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 43,119 shares of company stock worth $17,674,285 over the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $441.59 on Thursday. The company’s fifty day moving average price is $414.29 and its 200 day moving average price is $361.15. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $442.80. The stock has a market capitalization of $60.85 billion, a P/E ratio of 20.76, a P/E/G ratio of 1.92 and a beta of 1.04. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.21 by $1.22. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The firm had revenue of $8.64 billion for the quarter, compared to analysts’ expectations of $8.45 billion. During the same quarter last year, the company earned $5.26 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.8%. Cummins’s dividend payout ratio (DPR) is currently 37.61%.

Wall Street Analysts Forecast Growth

CMI has been the subject of several recent research reports. Barclays lifted their target price on shares of Cummins from $387.00 to $430.00 and gave the company an “equal weight” rating in a report on Monday, October 20th. Evercore ISI reaffirmed an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Truist Financial lifted their target price on shares of Cummins from $380.00 to $434.00 and gave the company a “hold” rating in a report on Wednesday, October 8th. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 8th. Finally, Citigroup lifted their target price on shares of Cummins from $425.00 to $485.00 and gave the company a “buy” rating in a report on Tuesday, September 23rd. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $410.50.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.