Old Port Advisors Purchases New Holdings in Cummins Inc. (NYSE:CMI)

Old Port Advisors acquired a new position in shares of Cummins Inc. (NYSE:CMIFree Report) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 616 shares of the company’s stock, valued at approximately $215,000.

A number of other hedge funds have also made changes to their positions in CMI. PFG Investments LLC raised its stake in Cummins by 27.7% in the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC grew its holdings in shares of Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after buying an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC raised its position in shares of Cummins by 109,309.3% in the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after buying an additional 59,027 shares during the last quarter. Alpha DNA Investment Management LLC purchased a new position in shares of Cummins in the third quarter worth about $748,000. Finally, Franklin Resources Inc. boosted its position in Cummins by 74.2% during the third quarter. Franklin Resources Inc. now owns 233,544 shares of the company’s stock worth $79,017,000 after acquiring an additional 99,464 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CMI shares. Robert W. Baird raised their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial upped their target price on Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a report on Thursday, December 19th. JPMorgan Chase & Co. upgraded Cummins from an “underweight” rating to a “neutral” rating and lifted their price target for the stock from $355.00 to $420.00 in a report on Monday, December 9th. Finally, StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $356.92.

Check Out Our Latest Analysis on CMI

Cummins Stock Performance

Shares of CMI stock opened at $347.65 on Friday. Cummins Inc. has a one year low of $226.52 and a one year high of $387.90. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm’s 50 day moving average price is $358.67 and its 200-day moving average price is $321.04. The firm has a market cap of $47.69 billion, a P/E ratio of 22.96, a P/E/G ratio of 1.80 and a beta of 0.99.

Cummins (NYSE:CMIGet Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period last year, the business posted $4.73 earnings per share. As a group, equities research analysts predict that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.09%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by corporate insiders.

Cummins Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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