CX Institutional Grows Holdings in Cummins Inc. $CMI

CX Institutional increased its stake in Cummins Inc. (NYSE:CMI) by 174.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,419 shares of the company’s stock after buying an additional 3,441 shares during the period. CX Institutional’s holdings in Cummins were worth $2,289,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Motley Fool Asset Management LLC lifted its position in Cummins by 9.7% in the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after purchasing an additional 623 shares during the period. Applied Finance Capital Management LLC raised its stake in shares of Cummins by 14.4% in the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after buying an additional 7,656 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Cummins by 6.7% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after buying an additional 17,566 shares during the period. Farther Finance Advisors LLC boosted its stake in Cummins by 71.3% during the third quarter. Farther Finance Advisors LLC now owns 5,884 shares of the company’s stock valued at $2,485,000 after buying an additional 2,449 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

Shares of NYSE:CMI opened at $544.95 on Friday. The company’s fifty day moving average is $496.24 and its two-hundred day moving average is $425.97. The company has a market cap of $75.22 billion, a P/E ratio of 28.28, a price-to-earnings-growth ratio of 1.88 and a beta of 1.12. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $547.43. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.Cummins’s revenue for the quarter was down 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.86 earnings per share. Equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were issued a $2.00 dividend. The ex-dividend date was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s dividend payout ratio is currently 41.52%.

Insider Transactions at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the sale, the chief executive officer owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the transaction, the chief financial officer owned 31,582 shares in the company, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 19,330 shares of company stock valued at $9,135,364 over the last three months. 0.41% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Barclays reissued a “positive” rating on shares of Cummins in a report on Friday, December 19th. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a report on Saturday, November 15th. Argus upped their price target on Cummins from $459.00 to $573.00 and gave the company a “buy” rating in a report on Tuesday, November 25th. Truist Financial increased their price objective on Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Finally, Sanford C. Bernstein restated a “market perform” rating and issued a $475.00 target price on shares of Cummins in a report on Friday, November 7th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $492.75.

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.