Cummins Inc. $CMI Stake Boosted by Rockefeller Capital Management L.P.

Rockefeller Capital Management L.P. increased its stake in Cummins Inc. (NYSE:CMI) by 50.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 83,614 shares of the company’s stock after purchasing an additional 27,899 shares during the period. Rockefeller Capital Management L.P. owned 0.06% of Cummins worth $42,681,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in CMI. Thompson Investment Management Inc. bought a new position in shares of Cummins during the fourth quarter worth about $26,000. Activest Wealth Management increased its stake in shares of Cummins by 537.5% in the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after purchasing an additional 43 shares during the period. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins during the fourth quarter worth approximately $27,000. Birchwood Financial Partners Inc. acquired a new stake in Cummins in the 4th quarter valued at approximately $28,000. Finally, Kemnay Advisory Services Inc. bought a new stake in Cummins during the 4th quarter valued at $28,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research analyst reports. Argus raised their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Wells Fargo & Company raised their target price on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research note on Wednesday. Raymond James Financial boosted their price target on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 26th. Truist Financial set a $815.00 price target on shares of Cummins in a research note on Wednesday, May 6th. Finally, Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. One 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 MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $731.86.

Cummins Price Performance

Shares of Cummins stock opened at $716.50 on Monday. Cummins Inc. has a 52 week low of $307.90 and a 52 week high of $737.76. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. The company’s 50-day moving average price is $663.00 and its two-hundred day moving average price is $591.35. The stock has a market cap of $98.87 billion, a PE ratio of 37.18, a price-to-earnings-growth ratio of 1.74 and a beta of 1.24.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. The business had revenue of $8.40 billion for 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 business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm earned $5.96 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 29.44 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Friday, May 22nd. Cummins’s dividend payout ratio is 41.52%.

Insiders Place Their Bets

In other Cummins news, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction 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 represents a 8.07% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Marvin Boakye sold 3,481 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $679.90, for a total value of $2,366,731.90. Following the completion of the transaction, the vice president owned 8,508 shares in the company, valued at $5,784,589.20. This trade represents a 29.03% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 13,579 shares of company stock worth $9,377,684. Corporate 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.