Flputnam Investment Management Co. Acquires 945 Shares of Cummins Inc. (NYSE:CMI)

Flputnam Investment Management Co. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 5.8% in the 4th quarter, Holdings Channel reports. The firm owned 17,361 shares of the company’s stock after buying an additional 945 shares during the period. Flputnam Investment Management Co.’s holdings in Cummins were worth $4,159,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after acquiring an additional 2,055,239 shares during the last quarter. State Street Corp increased its holdings in Cummins by 3.0% in the first quarter. State Street Corp now owns 6,482,278 shares of the company’s stock valued at $1,548,473,000 after purchasing an additional 191,776 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after purchasing an additional 173,139 shares during the period. Morgan Stanley increased its holdings in Cummins by 2.7% in the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after purchasing an additional 50,476 shares during the period. Finally, Northern Trust Corp increased its holdings in Cummins by 4.0% in the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after purchasing an additional 69,830 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently weighed in on CMI. TD Cowen increased their price objective on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a report on Wednesday, February 7th. Morgan Stanley assumed coverage on Cummins in a report on Monday, January 8th. They set an “overweight” rating and a $278.00 price target for the company. Citigroup increased their price target on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a report on Monday, February 12th. Truist Financial assumed coverage on Cummins in a report on Thursday, March 14th. They set a “hold” rating and a $303.00 price target for the company. Finally, Bank of America downgraded Cummins from a “neutral” rating to an “underperform” rating and decreased their price target for the stock from $243.00 to $225.00 in a report on Friday, January 19th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $279.70.

Insider Buying and Selling

In related news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction that occurred on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Cummins news, SVP Tony Satterthwaite sold 37,450 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now owns 73,741 shares of the company’s stock, valued at approximately $19,545,052.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Sharon R. Barner sold 2,100 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now directly owns 16,899 shares in the company, valued at approximately $4,584,529.71. The disclosure for this sale can be found here. In the last quarter, insiders have sold 51,289 shares of company stock valued at $13,576,838. 0.56% of the stock is owned by company insiders.

Cummins Stock Down 0.7 %

CMI stock traded down $2.01 during mid-day trading on Tuesday, reaching $293.77. 86,709 shares of the company traded hands, compared to its average volume of 2,866,185. Cummins Inc. has a fifty-two week low of $203.18 and a fifty-two week high of $304.24. The firm’s 50 day moving average price is $276.99 and its 200 day moving average price is $246.85. The stock has a market cap of $40.18 billion, a price-to-earnings ratio of 56.71, a P/E/G ratio of 2.03 and a beta of 1.04. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period last year, the firm posted $4.52 EPS. As a group, equities research analysts predict that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.29%. Cummins’s dividend payout ratio (DPR) is presently 129.73%.

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.