Westfield Capital Management Co. LP Invests $7.80 Million in Cummins Inc. $CMI

Westfield Capital Management Co. LP purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 15,274 shares of the company’s stock, valued at approximately $7,797,000.

Several other institutional investors also recently bought and sold shares of the stock. Fisher Asset Management LLC lifted its holdings in shares of Cummins by 2.8% in the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after buying an additional 91,956 shares during the period. Accredited Wealth Management LLC raised its position in Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after buying an additional 3,100 shares during the period. State of New Jersey Common Pension Fund D raised its position in Cummins by 5.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company’s stock valued at $20,610,000 after buying an additional 2,574 shares during the period. Jefferies Financial Group Inc. acquired a new position in Cummins during the third quarter valued at $11,129,000. Finally, Payden & Rygel acquired a new position in Cummins in the 3rd quarter worth about $9,757,000. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

CMI has been the topic of several research reports. Wells Fargo & Company upped their target price on Cummins from $693.00 to $794.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Evercore restated an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. Citigroup increased their target price on Cummins from $710.00 to $770.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Barclays raised their price objective on Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 6th. Finally, Argus raised their price objective on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research report on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus target price of $705.79.

Cummins Trading Down 3.9%

CMI stock opened at $651.38 on Friday. The business has a fifty day moving average price of $635.72 and a 200 day moving average price of $576.59. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The stock has a market capitalization of $89.88 billion, a price-to-earnings ratio of 33.80, a P/E/G ratio of 1.66 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

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

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Trending Headlines about Cummins

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Zacks Research lifted its earnings estimates for Cummins across several upcoming quarters and full years, including FY2027 and FY2028, reinforcing a more bullish profit outlook.
• Positive Sentiment: The analyst firm maintained a Strong-Buy rating, suggesting confidence that Cummins can continue outperforming expectations.
• Positive Sentiment: Recent commentary on Cummins’ raised revenue guidance adds to the case that business trends remain favorable. Why Is Cummins Raising Revenue Guidance Amid NYSE Composite Focus?
• Neutral Sentiment: A separate note questioned whether the stock can rebound after its last earnings report, but it did not introduce new fundamental concerns. Cummins (CMI) Down 4.7% Since Last Earnings Report: Can It Rebound?

Insider Transactions at Cummins

In other Cummins news, VP Marvin Boakye sold 3,481 shares of the stock in a transaction on Friday, May 8th. The stock was sold at an average price of $679.90, for a total value of $2,366,731.90. Following the transaction, the vice president directly owned 8,508 shares in the company, valued at approximately $5,784,589.20. This trade represents a 29.03% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of the stock in a transaction on Friday, May 8th. The shares were sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares in the company, valued at $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 13,579 shares of company stock worth $9,377,684. Corporate insiders own 0.30% 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.