Cummins Inc. $CMI Shares Bought by Boothbay Fund Management LLC

Boothbay Fund Management LLC grew its holdings in Cummins Inc. (NYSE:CMI) by 718.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 15,102 shares of the company’s stock after purchasing an additional 13,257 shares during the period. Boothbay Fund Management LLC’s holdings in Cummins were worth $6,379,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Flagship Wealth Advisors LLC purchased a new stake in Cummins in the 3rd quarter valued at about $28,000. Salomon & Ludwin LLC lifted its position in Cummins by 1,333.3% in the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after buying an additional 80 shares during the last quarter. Guerra Advisors Inc purchased a new position in Cummins during the third quarter worth about $36,000. Tripletail Wealth Management LLC purchased a new position in Cummins during the third quarter worth about $39,000. Finally, Osterweis Capital Management Inc. acquired a new stake in shares of Cummins during the second quarter valued at about $31,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Down 0.6%

Shares of CMI opened at $535.58 on Monday. The company’s 50-day simple moving average is $574.09 and its 200-day simple moving average is $496.58. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $617.98. The stock has a market capitalization of $74.00 billion, a PE ratio of 26.10, a P/E/G ratio of 1.70 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. During the same quarter in the previous year, the business posted $5.16 earnings per share. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. Cummins’s payout ratio is 38.99%.

Analysts Set New Price Targets

CMI has been the topic of a number of research analyst reports. Citigroup boosted their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research note on Tuesday, January 13th. Raymond James Financial increased their price objective on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research report on Monday, February 9th. Barclays lifted their target price on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. JPMorgan Chase & Co. upped their price target on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Finally, Truist Financial restated a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the transaction, the vice president directly owned 3,389 shares in the company, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. The trade was a 20.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 31,195 shares of company stock valued at $18,397,489. Insiders own 0.41% of the company’s stock.

Cummins Company 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.