Columbus Macro LLC Buys 747 Shares of Cummins Inc. $CMI

Columbus Macro LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 3.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,965 shares of the company’s stock after purchasing an additional 747 shares during the quarter. Cummins accounts for 1.1% of Columbus Macro LLC’s holdings, making the stock its 23rd biggest holding. Columbus Macro LLC’s holdings in Cummins were worth $10,742,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. Vanguard Group Inc. increased its holdings in Cummins by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 17,746,775 shares of the company’s stock valued at $9,058,841,000 after buying an additional 98,544 shares during the period. State Street Corp boosted its position in shares of Cummins by 0.8% during the 4th quarter. State Street Corp now owns 6,509,852 shares of the company’s stock worth $3,322,954,000 after acquiring an additional 49,628 shares in the last quarter. Geode Capital Management LLC increased its stake in Cummins by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 3,584,466 shares of the company’s stock valued at $1,822,534,000 after acquiring an additional 35,286 shares during the last quarter. Fisher Asset Management LLC raised its position in Cummins by 1.3% during the fourth quarter. Fisher Asset Management LLC now owns 3,410,723 shares of the company’s stock valued at $1,741,004,000 after purchasing an additional 43,722 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its stake in Cummins by 10,317.7% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Raymond James Financial boosted their price target on Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday, May 26th. Truist Financial set a $815.00 target price on Cummins in a research report on Wednesday, May 6th. Citigroup boosted their target price on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Evercore reissued an “outperform” rating and issued a $845.00 target price on shares of Cummins in a report on Monday, May 11th. Finally, Morgan Stanley raised their price target on shares of Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $731.86.

Insider Buying and Selling

In related news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction that occurred on 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 transaction, the insider owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction that occurred on 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 sale, the chief accounting officer owned 14,084 shares in the company, valued at approximately $9,652,328.56. This represents a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last three months. Insiders own 0.30% of the company’s stock.

Cummins Trading Up 4.6%

NYSE CMI opened at $727.12 on Friday. The company has a market cap of $100.33 billion, a price-to-earnings ratio of 37.73, a price-to-earnings-growth ratio of 1.70 and a beta of 1.23. Cummins Inc. has a twelve month low of $319.37 and a twelve month high of $737.76. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50. The business’s fifty day moving average is $670.68 and its 200 day moving average is $597.08.

Cummins (NYSE:CMI) last issued its earnings results 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 business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.96 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders 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 annualized dividend and a dividend yield of 1.1%. Cummins’s dividend payout ratio is currently 41.52%.

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.