Sapient Capital LLC Acquires New Stake in Cummins Inc. (NYSE:CMI)

Sapient Capital LLC bought a new position in Cummins Inc. (NYSE:CMI) during the fourth quarter, HoldingsChannel.com reports. The fund bought 13,268 shares of the company’s stock, valued at approximately $3,179,000.

Several other institutional investors and hedge funds have also made changes to their positions in CMI. Merit Financial Group LLC boosted its holdings in shares of Cummins by 42.2% in the fourth quarter. Merit Financial Group LLC now owns 4,863 shares of the company’s stock valued at $1,165,000 after purchasing an additional 1,443 shares during the period. Benjamin F. Edwards & Company Inc. grew its position in shares of Cummins by 10.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 28,544 shares of the company’s stock worth $6,839,000 after buying an additional 2,605 shares in the last quarter. Benjamin Edwards Inc. increased its stake in shares of Cummins by 4.3% during the fourth quarter. Benjamin Edwards Inc. now owns 4,627 shares of the company’s stock valued at $1,108,000 after buying an additional 190 shares during the period. First Horizon Advisors Inc. raised its holdings in shares of Cummins by 0.3% in the fourth quarter. First Horizon Advisors Inc. now owns 66,951 shares of the company’s stock valued at $16,040,000 after acquiring an additional 217 shares in the last quarter. Finally, Fisher Asset Management LLC raised its holdings in shares of Cummins by 4.3% in the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after acquiring an additional 106,017 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at $4,685,847.84. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. TD Cowen lifted their price objective on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Truist Financial upped their price target on Cummins from $303.00 to $319.00 and gave the stock a “hold” rating in a research report on Friday. JPMorgan Chase & Co. raised their price objective on Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research report on Monday, March 25th. UBS Group raised Cummins from a “neutral” rating to a “buy” rating and upped their target price for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, TheStreet lowered Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and an average price target of $282.55.

Cummins Stock Performance

NYSE:CMI traded up $0.45 during mid-day trading on Friday, hitting $280.74. The company’s stock had a trading volume of 1,058,929 shares, compared to its average volume of 954,800. The business’s fifty day moving average is $285.06 and its two-hundred day moving average is $252.19. The stock has a market cap of $38.39 billion, a price-to-earnings ratio of 20.55, a PEG ratio of 1.90 and a beta of 1.04. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.74. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.38% and a net margin of 5.70%. The firm had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period last year, the company posted $4.52 earnings per share. The business’s quarterly revenue was up 9.9% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 18.34 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.39%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is 49.19%.

About Cummins

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.