Cummins Inc. $CMI is Eldred Rock Partners LLC’s 5th Largest Position

Eldred Rock Partners LLC reduced its stake in Cummins Inc. (NYSE:CMI) by 10.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,571 shares of the company’s stock after selling 4,246 shares during the period. Cummins makes up about 4.6% of Eldred Rock Partners LLC’s investment portfolio, making the stock its 5th biggest holding. Eldred Rock Partners LLC’s holdings in Cummins were worth $17,647,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Trust Co. of Vermont raised its holdings in shares of Cummins by 5.6% during the 4th quarter. Trust Co. of Vermont now owns 15,895 shares of the company’s stock valued at $8,114,000 after buying an additional 839 shares during the period. Oldfather Financial Services LLC purchased a new position in Cummins in the 4th quarter worth approximately $215,000. Legacy Capital Wealth Partners LLC acquired a new stake in Cummins in the fourth quarter valued at approximately $220,000. CRA Financial Services LLC grew its position in Cummins by 4.0% in the fourth quarter. CRA Financial Services LLC now owns 707 shares of the company’s stock valued at $361,000 after acquiring an additional 27 shares in the last quarter. Finally, Frank Rimerman Advisors LLC raised its stake in shares of Cummins by 0.5% during the fourth quarter. Frank Rimerman Advisors LLC now owns 3,738 shares of the company’s stock valued at $1,908,000 after purchasing an additional 18 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $549.83 on Friday. The company has a market capitalization of $75.96 billion, a P/E ratio of 26.79, a PEG ratio of 1.74 and a beta of 1.14. The company has a 50-day moving average of $567.81 and a 200-day moving average of $508.82. 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.

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

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were given 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 dividend payout ratio (DPR) is presently 38.99%.

Insiders Place Their Bets

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares of the company’s stock, valued at $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the sale, the vice president owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. The trade was a 20.41% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 31,195 shares of company stock worth $18,397,489. Corporate insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of several analyst reports. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Truist Financial reiterated a “buy” rating and issued a $703.00 price objective (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a research note on Monday, January 26th. JPMorgan Chase & Co. lifted their target price on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Finally, Wells Fargo & Company boosted their price target on Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Eleven research analysts have rated the stock with a Buy rating and six have given 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 target price 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.