Cummins Inc. (NYSE:CMI) Shares Acquired by Creative Planning

Creative Planning grew its position in Cummins Inc. (NYSE:CMI) by 0.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,996 shares of the company’s stock after purchasing an additional 203 shares during the period. Creative Planning’s holdings in Cummins were worth $19,750,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of Cummins by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after purchasing an additional 604,735 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Cummins by 1.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company’s stock worth $469,869,000 after acquiring an additional 26,977 shares in the last quarter. Legal & General Group Plc lifted its position in Cummins by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock worth $468,503,000 after acquiring an additional 31,190 shares in the last quarter. Marshfield Associates lifted its position in Cummins by 0.3% during the 2nd quarter. Marshfield Associates now owns 1,042,498 shares of the company’s stock worth $288,699,000 after acquiring an additional 3,076 shares in the last quarter. Finally, Nordea Investment Management AB lifted its position in Cummins by 5.6% during the 1st quarter. Nordea Investment Management AB now owns 911,720 shares of the company’s stock worth $268,492,000 after acquiring an additional 48,211 shares in the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction 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 completion of the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 transaction 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 $6,269,205.55. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

CMI has been the topic of several recent research reports. Barclays boosted their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research report on Monday, August 5th. Raymond James initiated coverage on Cummins in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Robert W. Baird boosted their price target on Cummins from $295.00 to $315.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Truist Financial upped their target price on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI upped their target price on Cummins from $290.00 to $294.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $311.55.

Cummins Price Performance

Shares of NYSE CMI opened at $333.66 on Tuesday. Cummins Inc. has a twelve month low of $212.80 and a twelve month high of $340.82. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $45.64 billion, a price-to-earnings ratio of 24.43, a price-to-earnings-growth ratio of 1.92 and a beta of 0.98. The business has a 50 day simple moving average of $313.50 and a 200-day simple moving average of $295.11.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, beating analysts’ consensus estimates of $4.85 by $0.41. Cummins had a return on equity of 25.73% and a net margin of 5.69%. The business had revenue of $8.80 billion during the quarter, compared to the consensus estimate of $8.33 billion. During the same period in the previous year, the business earned $5.18 EPS. The business’s quarterly revenue was up 2.3% on a year-over-year basis. As a group, equities research analysts expect that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 2.18%. Cummins’s payout ratio is currently 53.29%.

About Cummins

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.