Old Port Advisors Raises Holdings in Cummins Inc. $CMI

Old Port Advisors increased its stake in shares of Cummins Inc. (NYSE:CMI) by 284.7% during the 4th quarter, Holdings Channel reports. The fund owned 2,089 shares of the company’s stock after purchasing an additional 1,546 shares during the quarter. Old Port Advisors’ holdings in Cummins were worth $1,066,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Holos Integrated Wealth LLC acquired a new stake in shares of Cummins during the 4th quarter worth approximately $32,000. Flagship Wealth Advisors LLC purchased a new position in shares of Cummins during the 3rd quarter valued at approximately $28,000. Salomon & Ludwin LLC lifted its stake in shares of Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock valued at $37,000 after purchasing an additional 80 shares during the period. Guerra Advisors Inc purchased a new stake in Cummins during the third quarter worth $36,000. Finally, Caitong International Asset Management Co. Ltd purchased a new stake in Cummins during the third quarter worth $37,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Earl Newsome sold 1,300 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president directly owned 3,389 shares in the company, valued at $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the sale, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 31,195 shares of company stock valued at $18,397,489. 0.41% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on CMI shares. Raymond James Financial lifted their price objective on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a report on Monday, February 9th. Weiss Ratings reissued a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Morgan Stanley restated an “overweight” rating and set a $675.00 target price on shares of Cummins in a research report on Friday, February 6th. Wall Street Zen lowered Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Finally, UBS Group set a $565.00 price target on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Cummins Stock Down 1.4%

CMI stock opened at $532.73 on Friday. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The firm has a 50-day simple moving average of $573.85 and a 200-day simple moving average of $500.87. The stock has a market capitalization of $73.60 billion, a P/E ratio of 25.96, a P/E/G ratio of 1.69 and a beta of 1.12.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period last year, the company posted $5.16 EPS. Cummins’s quarterly revenue was up 1.1% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post 22.54 earnings per share 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. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is 38.99%.

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.