Evergreen Quality Fund GP Ltd. Takes Position in Cummins Inc. $CMI

Evergreen Quality Fund GP Ltd. acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 94,600 shares of the company’s stock, valued at approximately $48,289,000. Cummins makes up approximately 1.0% of Evergreen Quality Fund GP Ltd.’s investment portfolio, making the stock its 20th largest position.

A number of other institutional investors and hedge funds have also recently bought and sold shares of CMI. Thompson Investment Management Inc. acquired a new position in shares of Cummins in the fourth quarter worth $26,000. Activest Wealth Management boosted its stake in shares of Cummins by 537.5% during the fourth quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares during the last quarter. Wellington Shields Capital Management LLC purchased a new stake in Cummins during the 4th quarter worth about $27,000. Kemnay Advisory Services Inc. purchased a new stake in Cummins during the 4th quarter worth about $28,000. Finally, Ares Financial Consulting LLC acquired a new position in Cummins in the 4th quarter valued at about $29,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Zacks Research raised shares of Cummins from a “hold” rating to a “strong-buy” rating in a research note on Thursday, May 7th. Truist Financial set a $815.00 price objective on shares of Cummins in a research note on Wednesday, May 6th. Wells Fargo & Company lifted their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Finally, UBS Group reiterated a “buy” rating on shares of Cummins in a report on Wednesday. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $731.86.

Cummins Price Performance

Cummins stock opened at $718.51 on Thursday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $733.48. The firm has a 50 day moving average price of $657.38 and a 200 day moving average price of $588.25. The company has a market cap of $99.15 billion, a price-to-earnings ratio of 37.29, a PEG ratio of 1.71 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same period in the previous year, the firm earned $5.96 earnings per share. Cummins’s revenue was up 2.7% compared to the same quarter last year. Sell-side analysts predict that Cummins Inc. will post 29.29 earnings per share for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is 41.52%.

Insider Activity

In other Cummins news, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total transaction of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total transaction of $421,294.42. Following the sale, the vice president directly owned 9,447 shares of the company’s stock, valued at approximately $6,556,784.82. This trade represents a 6.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock valued at $9,377,684 in the last 90 days. 0.30% of the stock is owned by corporate insiders.

Cummins 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.