71 West Capital Partners Takes $432,000 Position in Cummins Inc. $CMI

71 West Capital Partners acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 846 shares of the company’s stock, valued at approximately $432,000.

Several other institutional investors also recently modified their holdings of CMI. Fisher Asset Management LLC boosted its stake in shares of Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after purchasing an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC raised its position in Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after purchasing an additional 3,100 shares during the period. Jefferies Financial Group Inc. purchased a new position in Cummins in the 3rd quarter worth $11,129,000. Payden & Rygel bought a new stake in Cummins in the third quarter worth $9,757,000. Finally, TIAA Trust National Association lifted its stake in Cummins by 836.5% in the third quarter. TIAA Trust National Association now owns 35,117 shares of the company’s stock worth $14,832,000 after purchasing an additional 31,367 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, VP Donald G. Jackson sold 730 shares of the firm’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the sale, the vice president directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. The trade was a 6.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last quarter. 0.30% of the stock is owned by company insiders.

Analyst Ratings Changes

CMI has been the topic of a number of recent research reports. Truist Financial set a $815.00 price objective on Cummins in a research note on Wednesday, May 6th. Citigroup increased their target price on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a report on Wednesday, May 6th. Barclays lifted their price target on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. JPMorgan Chase & Co. boosted their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley increased their price objective on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $726.14.

Cummins Stock Up 3.2%

NYSE CMI opened at $701.15 on Wednesday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08. The stock has a market capitalization of $96.75 billion, a PE ratio of 36.39, a PEG ratio of 1.66 and a beta of 1.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. The business’s 50-day moving average is $654.05 and its 200 day moving average is $586.69.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

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.