Cummins Inc. (NYSE:CMI) Stock Position Raised by IFM Investors Pty Ltd

IFM Investors Pty Ltd boosted its position in shares of Cummins Inc. (NYSE:CMI) by 5.8% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,723 shares of the company’s stock after purchasing an additional 1,624 shares during the period. IFM Investors Pty Ltd’s holdings in Cummins were worth $9,624,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. X Square Capital LLC purchased a new position in shares of Cummins during the third quarter valued at $518,000. International Assets Investment Management LLC lifted its stake in Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Wallington Asset Management LLC boosted its position in Cummins by 6.0% during the 3rd quarter. Wallington Asset Management LLC now owns 34,207 shares of the company’s stock worth $11,076,000 after acquiring an additional 1,950 shares during the period. Greenleaf Trust grew its stake in Cummins by 3.9% during the 3rd quarter. Greenleaf Trust now owns 8,068 shares of the company’s stock valued at $2,612,000 after acquiring an additional 303 shares in the last quarter. Finally, Dupree Financial Group LLC acquired a new position in shares of Cummins in the 3rd quarter valued at about $3,925,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at $23,870,722.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by company insiders.

Cummins Stock Up 0.7 %

Shares of Cummins stock opened at $332.41 on Friday. Cummins Inc. has a 12-month low of $212.80 and a 12-month high of $340.82. The company has a quick ratio of 0.82, a current ratio of 1.34 and a debt-to-equity ratio of 0.51. The stock has a 50 day moving average price of $315.05 and a two-hundred day moving average price of $295.57. The stock has a market capitalization of $45.47 billion, a P/E ratio of 24.33, a PEG ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping analysts’ consensus estimates of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion during the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the company earned $5.18 earnings per share. Cummins’s revenue for the quarter was up 2.3% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be given a $1.82 dividend. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is currently 53.29%.

Analyst Upgrades and Downgrades

Several analysts recently commented on CMI shares. Robert W. Baird raised their price target on shares of Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Raymond James assumed coverage on shares of Cummins in a report on Friday, June 28th. They set a “market perform” rating on the stock. Citigroup increased their price objective on Cummins from $345.00 to $375.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, JPMorgan Chase & Co. raised their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research note on Friday, October 11th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $311.55.

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.