Old Port Advisors Buys New Shares in Cummins Inc. (NYSE:CMI)

Old Port Advisors bought a new position in Cummins Inc. (NYSE:CMI) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 616 shares of the company’s stock, valued at approximately $215,000.

A number of other institutional investors have also bought and sold shares of CMI. State Street Corp raised its stake in Cummins by 2.1% during the 3rd quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after purchasing an additional 126,703 shares during the period. Fisher Asset Management LLC grew its stake in shares of Cummins by 5.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock worth $973,174,000 after buying an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC increased its stake in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after acquiring an additional 2,523,854 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock valued at $469,869,000 after purchasing an additional 26,977 shares during the last quarter. Finally, Legal & General Group Plc increased its position in Cummins by 1.9% during the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after acquiring an additional 31,190 shares during the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and increased their target price for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Truist Financial boosted their price objective on shares of Cummins from $369.00 to $424.00 and gave the stock a “hold” rating in a research note on Thursday, December 19th. Citigroup increased their price target on shares of Cummins from $415.00 to $435.00 and gave the company a “buy” rating in a research report on Monday, December 9th. Jefferies Financial Group boosted their price objective on shares of Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research note on Friday, December 6th. Finally, JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and raised their target price for the company from $355.00 to $420.00 in a research note on Monday, December 9th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus price target of $356.92.

Cummins Trading Down 0.3 %

Cummins stock opened at $347.65 on Friday. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $387.90. The stock has a 50-day moving average price of $358.67 and a 200 day moving average price of $321.04. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $47.69 billion, a price-to-earnings ratio of 22.96, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating the consensus estimate of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the firm earned $4.73 EPS. The business’s revenue for the quarter was up .3% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is 48.08%.

Cummins Company 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.