Xponance Inc. Buys 3,084 Shares of Cummins Inc. $CMI

Xponance Inc. grew its position in shares of Cummins Inc. (NYSE:CMI) by 14.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,316 shares of the company’s stock after purchasing an additional 3,084 shares during the period. Xponance Inc.’s holdings in Cummins were worth $10,270,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Cummins during the 2nd quarter valued at approximately $505,941,000. American Century Companies Inc. lifted its position in Cummins by 138.8% during the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after purchasing an additional 528,689 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Cummins by 50.8% during the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares during the last quarter. Ontario Teachers Pension Plan Board lifted its position in Cummins by 5,158.9% during the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after purchasing an additional 427,670 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after buying an additional 344,680 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Stock Down 0.6%

Shares of CMI opened at $584.37 on Friday. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The firm has a fifty day moving average price of $566.52 and a 200-day moving average price of $484.51. The firm has a market capitalization of $80.74 billion, a P/E ratio of 28.48, a P/E/G ratio of 1.86 and a beta of 1.13. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the firm earned $5.16 EPS. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. Equities research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, March 5th. Shareholders of record on Friday, February 20th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. Cummins’s payout ratio is 38.99%.

Analyst Upgrades and Downgrades

Several research firms recently commented on CMI. Barclays lifted their price target on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Morgan Stanley reissued an “overweight” rating and set a $675.00 target price on shares of Cummins in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Truist Financial reissued a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Finally, Wall Street Zen upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Saturday. Eleven investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Insiders Place Their Bets

In other news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president owned 7,214 shares of the company’s stock, valued at approximately $4,329,337.82. This represents a 18.15% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president owned 15,130 shares of the company’s stock, valued at $8,849,990.90. The trade was a 22.01% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 27,141 shares of company stock worth $16,121,817. 0.41% of the stock is owned by company insiders.

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.