Cummins Inc. (NYSE:CMI) Shares Bought by StrategIQ Financial Group LLC

StrategIQ Financial Group LLC grew its holdings in shares of Cummins Inc. (NYSE:CMIFree Report) by 9.9% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,443 shares of the company’s stock after purchasing an additional 130 shares during the quarter. StrategIQ Financial Group LLC’s holdings in Cummins were worth $346,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of CMI. Vanguard Group Inc. lifted its holdings in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares during the last quarter. State Street Corp boosted its position in Cummins by 3.0% during the 1st quarter. State Street Corp now owns 6,482,278 shares of the company’s stock worth $1,548,473,000 after acquiring an additional 191,776 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Cummins by 7.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after purchasing an additional 173,139 shares during the period. Morgan Stanley lifted its position in Cummins by 2.7% in the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock worth $433,799,000 after buying an additional 50,476 shares in the last quarter. Finally, Northern Trust Corp increased its position in Cummins by 4.0% in the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock worth $414,821,000 after purchasing an additional 69,830 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CMI shares. Citigroup increased their price objective on Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a report on Monday, February 12th. TD Cowen boosted their target price on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Evercore ISI increased their target price on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Truist Financial assumed coverage on shares of Cummins in a report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target for the company. Finally, StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Cummins has a consensus rating of “Hold” and a consensus target price of $271.64.

Get Our Latest Analysis on Cummins

Insider Activity at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the firm’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $266.91, for a total value of $197,246.49. Following the transaction, the chief executive officer now directly owns 2,698 shares of the company’s stock, valued at $720,123.18. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cummins news, CEO Jennifer Rumsey sold 739 shares of the stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the transaction, the chief executive officer now owns 2,698 shares of the company’s stock, valued at $720,123.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Daniel William Fisher bought 562 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 over the last ninety days. Company insiders own 1.05% of the company’s stock.

Cummins Trading Down 1.2 %

NYSE:CMI traded down $3.56 during trading hours on Wednesday, hitting $292.31. 312,621 shares of the stock were exchanged, compared to its average volume of 3,138,327. The company has a market capitalization of $41.47 billion, a P/E ratio of 56.30, a price-to-earnings-growth ratio of 2.00 and a beta of 1.04. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The company’s 50 day moving average is $266.49 and its two-hundred day moving average is $242.60. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $297.11.

Cummins (NYSE:CMIGet Free Report) last released its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.52 EPS. On average, sell-side analysts anticipate that Cummins Inc. will post 18.36 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is 129.73%.

About Cummins

(Free Report)

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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