Cummins Inc. $CMI Position Lessened by Bessemer Group Inc.

Bessemer Group Inc. lowered its position in Cummins Inc. (NYSE:CMI) by 30.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,397 shares of the company’s stock after selling 2,413 shares during the quarter. Bessemer Group Inc.’s holdings in Cummins were worth $1,767,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Brighton Jones LLC raised its position in Cummins by 4.1% during the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock valued at $736,000 after acquiring an additional 83 shares in the last quarter. Koshinski Asset Management Inc. increased its stake in shares of Cummins by 7.1% during the 1st quarter. Koshinski Asset Management Inc. now owns 1,469 shares of the company’s stock worth $460,000 after purchasing an additional 97 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in shares of Cummins by 1.3% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 15,771 shares of the company’s stock valued at $4,943,000 after purchasing an additional 210 shares in the last quarter. DAVENPORT & Co LLC lifted its stake in shares of Cummins by 1.0% in the 1st quarter. DAVENPORT & Co LLC now owns 37,530 shares of the company’s stock valued at $11,763,000 after purchasing an additional 371 shares during the last quarter. Finally, Rossby Financial LCC bought a new stake in Cummins in the first quarter worth $45,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CMI. Wolfe Research raised Cummins from a “hold” rating to an “outperform” rating in a research report on Monday, August 11th. Melius upgraded Cummins from a “hold” rating to a “buy” rating and set a $500.00 target price for the company in a report on Wednesday, September 3rd. Truist Financial upped their target price on Cummins from $380.00 to $434.00 and gave the stock a “hold” rating in a research report on Wednesday, October 8th. Evercore ISI reissued an “outperform” rating on shares of Cummins in a research report on Tuesday, August 19th. Finally, Citigroup upped their price objective on shares of Cummins from $425.00 to $485.00 and gave the stock a “buy” rating in a report on Tuesday, September 23rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $410.50.

Insiders Place Their Bets

In related news, VP Amy Rochelle Davis sold 5,002 shares of Cummins stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $402.88, for a total transaction of $2,015,205.76. Following the sale, the vice president directly owned 20,738 shares of the company’s stock, valued at $8,354,925.44. This trade represents a 19.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Luther E. Peters sold 4,850 shares of the business’s stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $389.19, for a total value of $1,887,571.50. Following the transaction, the vice president owned 7,693 shares in the company, valued at $2,994,038.67. This represents a 38.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 43,119 shares of company stock valued at $17,674,285 in the last quarter. 0.41% of the stock is currently owned by insiders.

Cummins Stock Down 0.7%

CMI opened at $438.26 on Friday. The business has a 50 day moving average of $415.17 and a 200-day moving average of $361.69. The stock has a market capitalization of $60.39 billion, a price-to-earnings ratio of 20.60, a P/E/G ratio of 2.05 and a beta of 1.04. The company has a current ratio of 1.64, a quick ratio of 1.03 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $449.21.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 5th. The company reported $6.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.21 by $1.22. The business had revenue of $8.64 billion for the quarter, compared to analyst estimates of $8.45 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. Cummins’s revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.26 earnings per share. As a group, sell-side analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.8%. Cummins’s dividend payout ratio is currently 37.61%.

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.