Rhumbline Advisers Purchases 9,451 Shares of Cummins Inc. $CMI

Rhumbline Advisers increased its holdings in Cummins Inc. (NYSE:CMI) by 3.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 281,601 shares of the company’s stock after buying an additional 9,451 shares during the period. Rhumbline Advisers owned about 0.20% of Cummins worth $118,940,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Motley Fool Asset Management LLC lifted its holdings in shares of Cummins by 9.7% during the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after purchasing an additional 623 shares during the period. Applied Finance Capital Management LLC lifted its position in Cummins by 14.4% during the second quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock worth $19,910,000 after buying an additional 7,656 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after buying an additional 2,417 shares during the period. New York State Teachers Retirement System lifted its holdings in shares of Cummins by 2.1% during the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after acquiring an additional 2,305 shares during the period. Finally, Bailard Inc. grew its position in Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares during the period. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.41% of the stock is owned by insiders.

Wall Street Analyst Weigh In

CMI has been the topic of a number of analyst reports. Wells Fargo & Company lifted their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Truist Financial reaffirmed a “buy” rating and set a $703.00 price target (up previously from $653.00) on shares of Cummins in a research report on Friday, February 6th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research note on Saturday, November 15th. Finally, Robert W. Baird set a $580.00 target price on Cummins in a report on Friday, February 6th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Stock Performance

CMI stock opened at $599.19 on Thursday. The company has a 50-day simple moving average of $546.63 and a 200 day simple moving average of $466.82. The company has a market capitalization of $82.71 billion, a P/E ratio of 29.20, a PEG ratio of 1.86 and a beta of 1.13. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

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

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s payout ratio is currently 38.99%.

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.