Summit Global Investments Acquires Shares of 636 Cummins Inc. (NYSE:CMI)

Summit Global Investments purchased a new stake in Cummins Inc. (NYSE:CMI) in the third quarter, according to the company in its most recent filing with the SEC. The firm purchased 636 shares of the company’s stock, valued at approximately $206,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Chicago Capital LLC lifted its holdings in shares of Cummins by 0.9% in the third quarter. Chicago Capital LLC now owns 3,288 shares of the company’s stock valued at $1,065,000 after buying an additional 30 shares during the period. Atlantic Edge Private Wealth Management LLC boosted its position in shares of Cummins by 0.7% during the 2nd quarter. Atlantic Edge Private Wealth Management LLC now owns 5,373 shares of the company’s stock valued at $1,488,000 after purchasing an additional 35 shares in the last quarter. EP Wealth Advisors LLC grew its stake in shares of Cummins by 1.9% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,876 shares of the company’s stock worth $520,000 after purchasing an additional 35 shares during the last quarter. Fidelis Capital Partners LLC raised its holdings in shares of Cummins by 3.4% in the 2nd quarter. Fidelis Capital Partners LLC now owns 1,166 shares of the company’s stock worth $340,000 after purchasing an additional 38 shares in the last quarter. Finally, Bangor Savings Bank lifted its stake in Cummins by 39.2% during the second quarter. Bangor Savings Bank now owns 142 shares of the company’s stock valued at $39,000 after purchasing an additional 40 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Up 0.6 %

Cummins stock opened at $358.43 on Tuesday. The company has a current ratio of 1.32, a quick ratio of 0.82 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 1-year low of $216.91 and a 1-year high of $370.21. The firm’s fifty day simple moving average is $322.99 and its 200-day simple moving average is $299.21. The company has a market capitalization of $49.17 billion, a P/E ratio of 23.73, a P/E/G ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating the consensus estimate of $4.89 by $0.97. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue was up .3% compared to the same quarter last year. During the same period last year, the company earned $4.73 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 20.32 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, December 5th. Stockholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 2.03%. Cummins’s payout ratio is presently 48.08%.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 4,780 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Truist Financial upped their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Barclays lifted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Evercore ISI lifted their target price on shares of Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $324.83.

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.