State Street Corp Raises Position in Cummins Inc. $CMI

State Street Corp grew its stake in Cummins Inc. (NYSE:CMI) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,539,191 shares of the company’s stock after purchasing an additional 92,073 shares during the period. State Street Corp owned approximately 4.75% of Cummins worth $2,141,585,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CMI. Norges Bank bought a new stake in Cummins in the second quarter worth $505,941,000. Raymond James Financial Inc. raised its stake in shares of Cummins by 152.3% in the first quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after acquiring an additional 817,384 shares during the period. American Century Companies Inc. lifted its holdings in shares of Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after acquiring an additional 528,689 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its stake in shares of Cummins by 5,158.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after purchasing an additional 427,670 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Cummins by 70.9% during the 1st quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after purchasing an additional 424,294 shares during the period. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Weiss Ratings reissued a “buy (b)” rating on shares of Cummins in a research note on Monday. Truist Financial set a $628.00 price target on Cummins and gave the stock a “buy” rating in a report on Monday, November 24th. UBS Group upgraded Cummins from a “sell” rating to a “neutral” rating in a report on Tuesday, November 25th. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $475.00 price objective on shares of Cummins in a research report on Friday, November 7th. Finally, Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Eleven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $479.53.

Cummins Trading Down 1.6%

CMI opened at $499.62 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.77 and a debt-to-equity ratio of 0.52. The stock’s fifty day moving average is $454.11 and its two-hundred day moving average is $396.76. The company has a market capitalization of $68.97 billion, a P/E ratio of 25.93, a PEG ratio of 2.00 and a beta of 1.11. Cummins Inc. has a 52 week low of $260.02 and a 52 week high of $515.83.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. The business had revenue of $8.32 billion for the quarter, compared to the consensus estimate of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The business’s revenue was down 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.86 EPS. Analysts forecast that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Shareholders of record on Friday, November 21st were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 dividend on an annualized basis and a yield of 1.6%. Cummins’s dividend payout ratio (DPR) is 41.52%.

Insider Activity

In related news, CEO Jennifer Rumsey sold 4,570 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the transaction, the chief executive officer owned 42,880 shares of the company’s stock, valued at $20,320,403.20. The trade was a 9.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Brett Michael Merritt sold 1,450 shares of the company’s stock in a transaction on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares of the company’s stock, valued at approximately $4,536,485.72. This represents a 13.52% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 36,410 shares of company stock worth $16,424,574. 0.41% of the stock is currently owned by corporate insiders.

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.