Cummins Inc. $CMI Shares Bought by Park Avenue Securities LLC

Park Avenue Securities LLC boosted its position in shares of Cummins Inc. (NYSE:CMI) by 26.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,719 shares of the company’s stock after buying an additional 2,465 shares during the period. Park Avenue Securities LLC’s holdings in Cummins were worth $5,982,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in CMI. Norges Bank acquired a new stake in shares of Cummins in the second quarter worth approximately $505,941,000. Boston Partners purchased a new stake in shares of Cummins during the third quarter worth approximately $473,471,000. London Co. of Virginia acquired a new position in Cummins in the 3rd quarter valued at $231,732,000. American Century Companies Inc. lifted its holdings in Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after purchasing an additional 528,689 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Transactions at Cummins

In other news, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president directly owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,195 shares of company stock worth $18,397,489 in the last 90 days. Insiders own 0.41% of the company’s stock.

Cummins Stock Down 1.4%

Shares of CMI 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 stock has a fifty day simple moving average of $573.85 and a two-hundred day simple moving average of $500.87. The company has a market capitalization of $73.60 billion, a PE ratio of 25.96, a price-to-earnings-growth ratio of 1.69 and a beta of 1.12.

Cummins (NYSE:CMI) last announced 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. 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 analysts’ expectations of $8.09 billion. During the same quarter in the previous year, the company posted $5.16 EPS. The company’s revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were paid a $2.00 dividend. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CMI. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 target price on shares of Cummins in a report on Friday, February 6th. Truist Financial reissued a “buy” rating and issued a $703.00 price target (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Finally, Wells Fargo & Company increased their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

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.