Cummins Inc. (NYSE:CMI) Shares Purchased by Versant Capital Management Inc

Versant Capital Management Inc grew its position in shares of Cummins Inc. (NYSE:CMI) by 53.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 476 shares of the company’s stock after acquiring an additional 165 shares during the quarter. Versant Capital Management Inc’s holdings in Cummins were worth $166,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. State Street Corp lifted its position in Cummins by 2.1% during the third quarter. State Street Corp now owns 6,300,051 shares of the company’s stock valued at $2,039,894,000 after buying an additional 126,703 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after acquiring an additional 165,398 shares in the last quarter. Pathway Financial Advisers LLC boosted its position in Cummins by 31,489.1% during the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after purchasing an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP increased its holdings in Cummins by 1.6% in 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 in the last quarter. Finally, Legal & General Group Plc raised its position in Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company’s stock valued at $468,503,000 after purchasing an additional 31,190 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on CMI. Jefferies Financial Group increased their target price on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial lifted their price target 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. Finally, Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $356.92.

Cummins Price Performance

Shares of NYSE CMI opened at $354.35 on Friday. The business has a 50 day simple moving average of $358.67 and a 200-day simple moving average of $321.04. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $387.90. The company has a market capitalization of $48.61 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the prior year, the company earned $4.73 earnings per share. The firm’s revenue was up .3% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 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.