Fieldview Capital Management LLC Acquires New Position in Cummins Inc. $CMI

Fieldview Capital Management LLC acquired a new stake in Cummins Inc. (NYSE:CMI) during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 2,356 shares of the company’s stock, valued at approximately $995,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Brighton Jones LLC grew its holdings in shares of Cummins by 4.1% during the 4th 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. Intech Investment Management LLC raised its holdings in shares of Cummins by 40.8% during the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares in the last quarter. Wedbush Securities Inc. raised its holdings in shares of Cummins by 5.7% during the second quarter. Wedbush Securities Inc. now owns 1,518 shares of the company’s stock worth $497,000 after acquiring an additional 82 shares in the last quarter. Penserra Capital Management LLC boosted its position in Cummins by 13.0% during the second quarter. Penserra Capital Management LLC now owns 756 shares of the company’s stock valued at $246,000 after purchasing an additional 87 shares during the last quarter. Finally, AE Wealth Management LLC grew its stake in Cummins by 5.7% in the second quarter. AE Wealth Management LLC now owns 15,461 shares of the company’s stock valued at $5,064,000 after purchasing an additional 834 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Truist Financial restated 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. Raymond James Financial raised their price objective on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Finally, Wells Fargo & Company lifted their target price on shares of Cummins from $599.00 to $630.00 and gave the company 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. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Price Performance

NYSE CMI opened at $549.46 on Tuesday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The stock’s 50-day moving average is $571.48 and its two-hundred day moving average is $492.43. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The firm has a market cap of $75.91 billion, a P/E ratio of 26.78, a price-to-earnings-growth ratio of 1.71 and a beta of 1.12.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s payout ratio is 38.99%.

Insider Activity

In other Cummins news, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the transaction, the vice president owned 15,130 shares in the company, valued at $8,849,990.90. This trade represents a 22.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction that occurred 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 position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 31,195 shares of company stock valued at $18,397,489. Insiders own 0.41% of the company’s stock.

About Cummins

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.