Cummins Inc. $CMI Stock Position Decreased by Great Lakes Advisors LLC

Great Lakes Advisors LLC cut its position in shares of Cummins Inc. (NYSE:CMI) by 3.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 98,491 shares of the company’s stock after selling 3,609 shares during the period. Great Lakes Advisors LLC’s holdings in Cummins were worth $50,275,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Cummins by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock worth $9,058,841,000 after purchasing an additional 98,544 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Cummins by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after acquiring an additional 35,286 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Cummins by 1.3% in the 4th quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after acquiring an additional 43,722 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Cummins by 10,317.7% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock valued at $1,254,929,000 after acquiring an additional 2,434,876 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Cummins in the 4th quarter valued at approximately $863,441,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE:CMI opened at $655.61 on Friday. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $718.08. The firm has a market capitalization of $90.47 billion, a PE ratio of 34.02, a PEG ratio of 1.54 and a beta of 1.23. The business’s 50 day moving average is $646.26 and its 200-day moving average is $582.72. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter last year, the firm earned $5.96 EPS. Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued 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, May 22nd. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on CMI. Evercore reissued an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a research note on Monday, May 11th. Truist Financial set a $815.00 price objective on Cummins in a research note on Wednesday, May 6th. Argus boosted their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. Morgan Stanley boosted their price objective on Cummins from $675.00 to $752.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $726.14.

Insider Activity at Cummins

In other news, VP Donald G. Jackson sold 730 shares of Cummins stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Nathan R. Stoner sold 607 shares of the business’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the sale, the vice president directly owned 9,447 shares in the company, valued at approximately $6,556,784.82. This represents a 6.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last three months. Company insiders own 0.30% of the company’s stock.

Cummins Company 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.