Cummins Inc. $CMI Shares Acquired by Monument Capital Management

Monument Capital Management increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 299.8% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,838 shares of the company’s stock after purchasing an additional 2,878 shares during the quarter. Monument Capital Management’s holdings in Cummins were worth $1,983,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. Mn Services Vermogensbeheer B.V. increased its position in shares of Cummins by 428.4% during the third quarter. Mn Services Vermogensbeheer B.V. now owns 212,863 shares of the company’s stock worth $109,959,000 after acquiring an additional 172,580 shares in the last quarter. Diversified Management Inc. bought a new stake in Cummins in the 3rd quarter valued at $6,051,000. Acropolis Investment Management LLC lifted its position in Cummins by 4.4% in the 3rd quarter. Acropolis Investment Management LLC now owns 2,548 shares of the company’s stock valued at $1,316,000 after acquiring an additional 108 shares in the last quarter. GAMMA Investing LLC boosted its stake in Cummins by 351.3% in the 3rd quarter. GAMMA Investing LLC now owns 25,447 shares of the company’s stock worth $13,145,000 after purchasing an additional 19,809 shares during the period. Finally, Allen Mooney & Barnes Investment Advisors LLC increased its holdings in Cummins by 3.1% during the 3rd quarter. Allen Mooney & Barnes Investment Advisors LLC now owns 28,916 shares of the company’s stock worth $14,937,000 after purchasing an additional 877 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on CMI. Bank of America dropped their price target on Cummins from $731.00 to $600.00 in a research note on Thursday, September 24th. Citigroup increased their price objective on Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a report on Tuesday, July 14th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. CICC Research started coverage on Cummins in a research note on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price on the stock. Finally, Wells Fargo & Company reduced their price target on Cummins from $874.00 to $760.00 and set an “overweight” rating for the company in a research report on Thursday. Thirteen investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $717.59.

Cummins Price Performance

Shares of NYSE CMI opened at $520.13 on Friday. The stock has a market capitalization of $71.60 billion, a price-to-earnings ratio of 26.58, a PEG ratio of 1.36 and a beta of 1.24. The business has a 50-day moving average of $569.74 and a 200-day moving average of $620.98. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13. Cummins Inc. has a fifty-two week low of $400.72 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%.The company had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the previous year, the company posted $6.43 EPS. The business’s revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 30.13 earnings per share for the current fiscal year.

Cummins Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Stockholders of record on Friday, August 21st were issued a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend was Friday, August 21st. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is currently 44.97%.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.