Inceptionr LLC Takes $728,000 Position in Cummins Inc. $CMI

Inceptionr LLC purchased a new position in Cummins Inc. (NYSE:CMI) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,723 shares of the company’s stock, valued at approximately $728,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Norges Bank bought a new position in Cummins in the 2nd quarter valued at $505,941,000. American Century Companies Inc. increased its stake in Cummins by 138.8% in the second quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after purchasing an additional 528,689 shares during the period. Bank of New York Mellon Corp lifted its position in shares of 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 worth $612,715,000 after purchasing an additional 488,430 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its stake in shares of 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 period. Finally, Vanguard Group Inc. boosted its stake in shares of Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

CMI stock opened at $549.46 on Tuesday. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The business has a 50-day moving average price of $571.48 and a 200 day moving average price of $492.43. The company has a market capitalization of $75.91 billion, a P/E ratio of 26.78, a PEG ratio of 1.71 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is 38.99%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Zacks Research downgraded shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Truist Financial reissued a “buy” rating and issued a $703.00 price objective (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the stock a “market perform” rating in a research report on Friday, February 6th. Finally, Robert W. Baird set a $580.00 price target on shares of Cummins in a research note on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Insiders Place Their Bets

In related news, VP Donald G. Jackson sold 1,600 shares of the stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the sale, the vice president owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director William I. Miller sold 18,107 shares of the stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the sale, the director owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 31,195 shares of company stock worth $18,397,489. Insiders own 0.41% 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.