Vanguard Group Inc. Increases Stock Holdings in Cummins Inc. $CMI

Vanguard Group Inc. grew its stake in Cummins Inc. (NYSE:CMI) by 0.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,746,775 shares of the company’s stock after purchasing an additional 98,544 shares during the period. Vanguard Group Inc. owned approximately 0.13% of Cummins worth $9,058,841,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Thompson Investment Management Inc. purchased a new position in Cummins in the 4th quarter valued at $26,000. Flagship Wealth Advisors LLC acquired a new stake in shares of Cummins in the 3rd quarter worth $28,000. Osterweis Capital Management Inc. acquired a new stake in shares of Cummins in the 2nd quarter worth $31,000. Holos Integrated Wealth LLC purchased a new stake in shares of Cummins in the fourth quarter valued at about $32,000. Finally, Palouse Capital Management Inc. purchased a new stake in shares of Cummins in the fourth quarter valued at about $33,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CMI shares. Truist Financial increased their price target on shares of Cummins from $703.00 to $730.00 and gave the stock a “buy” rating in a report on Monday, April 20th. Barclays lifted their price objective on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a research note on Friday, February 6th. JPMorgan Chase & Co. raised their price target on Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a report on Wednesday, January 14th. Finally, Argus set a $696.00 price target on Cummins in a research note on Tuesday, February 10th. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $600.27.

Cummins Stock Performance

CMI opened at $660.83 on Monday. Cummins Inc. has a 1-year low of $284.23 and a 1-year high of $663.38. The stock has a market cap of $91.30 billion, a P/E ratio of 32.20, a P/E/G ratio of 2.09 and a beta of 1.14. The stock’s 50 day simple moving average is $576.44 and its 200 day simple moving average is $531.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16.

Cummins (NYSE:CMI) last issued its quarterly earnings data 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 firm had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.Cummins’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $5.16 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 26.03 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is 38.99%.

Insiders Place Their Bets

In other Cummins news, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the sale, the vice president owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the sale, the vice president owned 15,807 shares in the company, valued at $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 31,195 shares of company stock worth $18,397,489. 0.30% of the stock is owned by company 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.