Cummins Inc. $CMI Shares Sold by Optas LLC

Optas LLC decreased its holdings in shares of Cummins Inc. (NYSE:CMI) by 48.8% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,095 shares of the company’s stock after selling 1,043 shares during the period. Optas LLC’s holdings in Cummins were worth $462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Cummins in the 2nd quarter valued at approximately $505,941,000. American Century Companies Inc. raised its holdings in Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock valued at $297,912,000 after buying an additional 528,689 shares during the period. Ontario Teachers Pension Plan Board lifted its position in Cummins by 5,158.9% in the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after buying an additional 427,670 shares during the last quarter. AQR Capital Management LLC boosted its stake in Cummins by 70.9% during the first quarter. AQR Capital Management LLC now owns 1,022,373 shares of the company’s stock worth $314,942,000 after buying an additional 424,294 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Cummins by 2.0% during the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after acquiring an additional 344,680 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on CMI shares. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research note on Monday, December 15th. Truist Financial lifted their target price on Cummins from $628.00 to $653.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Wells Fargo & Company began coverage on shares of Cummins in a research report on Thursday, November 13th. They set an “overweight” rating and a $599.00 price target on the stock. Zacks Research lowered shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Finally, Barclays reaffirmed a “positive” rating on shares of Cummins in a research note on Friday, December 19th. Thirteen research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins has an average rating of “Moderate Buy” and an average price target of $492.75.

Insider Buying and Selling

In other news, CEO Jennifer Rumsey sold 4,570 shares of the company’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This represents a 9.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the transaction, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. The trade was a 29.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 27,330 shares of company stock valued at $12,649,764. Insiders own 0.41% of the company’s stock.

Cummins Stock Performance

CMI opened at $520.38 on Thursday. The stock has a market cap of $71.83 billion, a P/E ratio of 27.00, a P/E/G ratio of 2.04 and a beta of 1.11. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $526.50. The stock’s 50 day simple moving average is $473.37 and its 200 day simple moving average is $410.96.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm had revenue of $8.32 billion during the quarter, compared to the consensus estimate of $7.97 billion. During the same period in the previous year, the firm posted $5.86 EPS. The company’s quarterly revenue was down 1.6% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, December 4th. Investors of record on Friday, November 21st were issued a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Friday, November 21st. Cummins’s payout ratio is presently 41.52%.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.