Longfellow Investment Management Co. LLC Has $963,000 Holdings in Cummins Inc. $CMI

Longfellow Investment Management Co. LLC cut its position in Cummins Inc. (NYSE:CMI) by 30.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,281 shares of the company’s stock after selling 1,008 shares during the quarter. Longfellow Investment Management Co. LLC’s holdings in Cummins were worth $963,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Flagship Wealth Advisors LLC acquired a new position in shares of Cummins during the 3rd quarter worth about $28,000. Osterweis Capital Management Inc. bought a new position in Cummins during the second quarter worth about $31,000. Guerra Advisors Inc bought a new position in Cummins during the third quarter worth about $36,000. Salomon & Ludwin LLC increased its position in Cummins by 1,333.3% during the third quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after buying an additional 80 shares during the last quarter. Finally, Tripletail Wealth Management LLC bought a new stake in Cummins in the third quarter valued at approximately $39,000. 83.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently commented on CMI. Wall Street Zen upgraded Cummins from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 28th. Citigroup lifted their price objective on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Truist Financial reiterated a “buy” rating and issued a $703.00 price objective (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Finally, Robert W. Baird set a $580.00 target price on shares of Cummins in a report on Friday, February 6th. Eleven 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, the stock has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Stock Down 3.1%

CMI opened at $556.08 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76. The company has a market capitalization of $76.83 billion, a P/E ratio of 27.10, a P/E/G ratio of 1.82 and a beta of 1.12. The stock has a fifty day moving average of $570.37 and a 200-day moving average of $489.10.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the company posted $5.16 earnings per share. Cummins’s revenue was up 1.1% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Stockholders of record on Friday, February 20th were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Insider Buying and Selling

In related news, VP Jennifer Mary Bush sold 4,270 shares of the stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the sale, the vice president owned 15,130 shares of the company’s stock, valued at $8,849,990.90. This represents a 22.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of Cummins stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the completion of the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This represents a 18.15% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,195 shares of company stock valued at $18,397,489 in the last quarter. Corporate insiders own 0.41% of the company’s stock.

About Cummins

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.