Varma Mutual Pension Insurance Co Buys 5,100 Shares of Cummins Inc. $CMI

Varma Mutual Pension Insurance Co increased its position in Cummins Inc. (NYSE:CMI) by 14.3% during the third quarter, HoldingsChannel.com reports. The firm owned 40,720 shares of the company’s stock after acquiring an additional 5,100 shares during the quarter. Varma Mutual Pension Insurance Co’s holdings in Cummins were worth $17,199,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of CMI. Flagship Wealth Advisors LLC purchased a new stake in shares of Cummins during the third quarter valued at approximately $28,000. Osterweis Capital Management Inc. bought a new position in Cummins in the 2nd quarter valued at approximately $31,000. Guerra Advisors Inc purchased a new stake in Cummins during the 3rd quarter valued at $36,000. Salomon & Ludwin LLC increased its holdings in shares of Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after purchasing an additional 80 shares in the last quarter. Finally, Tripletail Wealth Management LLC purchased a new position in shares of Cummins in the third quarter worth $39,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CMI has been the subject of a number of recent analyst reports. Sanford C. Bernstein set a $600.00 target price on Cummins and gave the stock a “market perform” rating in a research report on Friday, February 6th. Citigroup upped their price target on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Truist Financial reiterated a “buy” rating and issued a $703.00 price target (up previously from $653.00) on shares of Cummins in a research note on Friday, February 6th. Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a report on Monday, January 26th. Finally, Barclays boosted their target price on shares of Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a report on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. Based on data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Trading Down 1.8%

CMI opened at $588.20 on Friday. The stock has a 50-day moving average of $548.19 and a 200 day moving average of $467.67. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12 month low of $260.02 and a 12 month high of $617.98. The firm has a market cap of $81.27 billion, a P/E ratio of 28.66, a P/E/G ratio of 1.89 and a beta of 1.13.

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

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Insider Transactions at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the completion of the transaction, the insider owned 9,271 shares in the company, valued at $4,536,485.72. The trade was a 13.52% 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. 0.41% of the stock is currently owned by insiders.

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.