IFM Investors Pty Ltd Buys 781 Shares of Cummins Inc. $CMI

IFM Investors Pty Ltd increased its stake in shares of Cummins Inc. (NYSE:CMI) by 3.0% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 26,898 shares of the company’s stock after buying an additional 781 shares during the period. IFM Investors Pty Ltd’s holdings in Cummins were worth $14,472,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Jefferies Financial Group Inc. bought a new position in Cummins during the third quarter worth about $11,129,000. Juno Financial Group LLC purchased a new stake in shares of Cummins during the 4th quarter valued at approximately $883,000. Perbak Capital Partners LLP bought a new position in Cummins in the 3rd quarter worth approximately $1,385,000. Nordea Investment Management AB grew its stake in Cummins by 103.8% in the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock valued at $280,397,000 after buying an additional 278,350 shares in the last quarter. Finally, Truist Financial Corp raised its holdings in Cummins by 4.8% during the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock valued at $32,671,000 after acquiring an additional 2,951 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

CMI stock opened at $681.59 on Thursday. The firm has a 50 day simple moving average of $676.64 and a two-hundred day simple moving average of $602.12. The stock has a market cap of $94.05 billion, a PE ratio of 35.37, a P/E/G ratio of 1.74 and a beta of 1.22. Cummins Inc. has a one year low of $325.25 and a one year high of $737.76. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm’s revenue was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.96 EPS. On average, analysts predict that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Buying and Selling

In other news, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer directly owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider directly owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,579 shares of company stock worth $9,377,684 over the last 90 days. Insiders own 0.30% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their target price on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Citigroup upped their price target on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Finally, UBS Group reaffirmed a “buy” rating on shares of Cummins in a report on Wednesday, June 17th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins 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.