Cummins Inc. $CMI Shares Acquired by Comprehensive Financial Consultants Institutional Inc.

Comprehensive Financial Consultants Institutional Inc. lifted its holdings in shares of Cummins Inc. (NYSE:CMI) by 643.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,311 shares of the company’s stock after purchasing an additional 6,327 shares during the quarter. Cummins comprises about 1.1% of Comprehensive Financial Consultants Institutional Inc.’s investment portfolio, making the stock its 29th biggest position. Comprehensive Financial Consultants Institutional Inc.’s holdings in Cummins were worth $3,732,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in CMI. Boston Partners acquired a new stake in shares of Cummins during the third quarter worth $473,471,000. London Co. of Virginia purchased a new position in shares of Cummins in the 3rd quarter worth $231,732,000. Bank of New York Mellon Corp raised its position in shares of Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after buying an additional 488,430 shares during the period. Nordea Investment Management AB raised its position in shares of Cummins by 103.8% in the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock worth $280,397,000 after buying an additional 278,350 shares during the period. Finally, Merewether Investment Management LP purchased a new position in shares of Cummins in the 3rd quarter worth $91,147,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Argus set a $696.00 target price on Cummins in a research report on Tuesday, February 10th. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. JPMorgan Chase & Co. increased their target price on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research report on Wednesday, January 14th. Barclays increased their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research report on Friday, January 23rd. Finally, Truist Financial increased their target price on Cummins from $703.00 to $730.00 and gave the stock a “buy” rating in a research report on Monday, April 20th. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, Cummins has a consensus rating of “Moderate Buy” and a consensus price target of $600.27.

Insider Activity at Cummins

In other news, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Earl Newsome sold 1,300 shares of the firm’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president owned 3,389 shares of the company’s stock, valued at $1,978,057.63. This represents a 27.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 31,195 shares of company stock valued at $18,397,489. 0.30% of the stock is currently owned by insiders.

Cummins Stock Up 0.0%

Shares of Cummins stock opened at $660.83 on Monday. The business has a 50-day moving average of $576.44 and a 200-day moving average of $531.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The company has a market capitalization of $91.30 billion, a PE ratio of 32.20, a P/E/G ratio of 2.09 and a beta of 1.14. Cummins Inc. has a 1-year low of $284.23 and a 1-year high of $663.38.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share for the quarter, beating the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The company’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the firm earned $5.16 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 26.03 EPS for the current fiscal 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 paid a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

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.