Investment House LLC Increases Stock Holdings in Cummins Inc. (NYSE:CMI)

Investment House LLC lifted its position in Cummins Inc. (NYSE:CMI) by 1.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,420 shares of the company’s stock after buying an additional 318 shares during the quarter. Investment House LLC’s holdings in Cummins were worth $5,850,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. OFI Invest Asset Management purchased a new stake in shares of Cummins in the third quarter worth about $25,000. Silver Oak Securities Incorporated bought a new position in shares of Cummins in the third quarter worth approximately $28,000. Global Wealth Strategies & Associates bought a new position in Cummins during the third quarter valued at approximately $29,000. Annis Gardner Whiting Capital Advisors LLC bought a new position in Cummins during the third quarter valued at approximately $39,000. Finally, Peoples Bank KS purchased a new stake in shares of Cummins during the third quarter valued at approximately $43,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Truist Financial assumed coverage on Cummins in a research note on Thursday, March 14th. They set a “hold” rating and a $303.00 price objective for the company. The Goldman Sachs Group raised their price objective on Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. raised their price target on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a report on Monday, March 25th. Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. Finally, Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $243.00 to $225.00 in a report on Friday, January 19th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $279.70.

Cummins Stock Performance

Shares of CMI stock traded up $2.17 during trading hours on Monday, reaching $293.31. 248,129 shares of the company traded hands, compared to its average volume of 2,658,408. Cummins Inc. has a 12-month low of $203.18 and a 12-month high of $304.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The company has a market cap of $40.11 billion, a P/E ratio of 56.44, a P/E/G ratio of 1.98 and a beta of 1.04. The firm has a 50-day moving average price of $283.34 and a 200 day moving average price of $250.92.

Cummins (NYSE:CMI) last posted its quarterly earnings data 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). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the previous year, the firm earned $4.52 earnings per share. The firm’s quarterly revenue was up 9.9% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.29%. Cummins’s dividend payout ratio is presently 129.73%.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the transaction, the vice president now directly owns 16,899 shares of the company’s stock, valued at approximately $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Cummins news, CEO Jennifer Rumsey sold 739 shares of Cummins stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $266.91, for a total value of $197,246.49. Following the sale, the chief executive officer now owns 2,698 shares of the company’s stock, valued at approximately $720,123.18. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of Cummins stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,289 shares of company stock valued at $13,576,838. Corporate insiders own 0.56% of the company’s stock.

Cummins Profile

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.