Park Avenue Securities LLC Boosts Position in Cummins Inc. $CMI

Park Avenue Securities LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 26.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,719 shares of the company’s stock after acquiring an additional 2,465 shares during the period. Park Avenue Securities LLC’s holdings in Cummins were worth $5,982,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Holos Integrated Wealth LLC acquired a new position in Cummins during the fourth quarter valued at $32,000. Flagship Wealth Advisors LLC acquired a new stake in Cummins during the 3rd quarter worth about $28,000. Salomon & Ludwin LLC grew its position in Cummins by 1,333.3% during the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares during the period. Guerra Advisors Inc purchased a new position in shares of Cummins during the 3rd quarter valued at about $36,000. Finally, Caitong International Asset Management Co. Ltd purchased a new position in shares of Cummins during the 3rd quarter valued at about $37,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Cummins news, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director directly owned 34,243 shares in the company, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Earl Newsome sold 1,300 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president directly owned 3,389 shares in the company, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 31,195 shares of company stock worth $18,397,489. Insiders own 0.41% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock opened at $532.73 on Friday. The firm has a market cap of $73.60 billion, a PE ratio of 25.96, a P/E/G ratio of 1.69 and a beta of 1.12. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The business has a 50-day moving average price of $573.85 and a 200 day moving average price of $500.87.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the prior year, the business posted $5.16 earnings per share. Cummins’s revenue for the quarter was up 1.1% on a year-over-year basis. Sell-side analysts predict 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, March 5th. Stockholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.5%. Cummins’s dividend payout ratio (DPR) is 38.99%.

Analyst Ratings Changes

A number of analysts have recently commented on CMI shares. Raymond James Financial upped their target price on Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a research note on Monday, February 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a “market perform” rating in a research report on Friday, February 6th. Barclays raised their price objective on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Finally, UBS Group set a $565.00 target price on shares of Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

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.