Evergreen Quality Fund GP Ltd. Acquires Shares of 94,600 Cummins Inc. $CMI

Evergreen Quality Fund GP Ltd. acquired a new stake in Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 94,600 shares of the company’s stock, valued at approximately $48,289,000. Cummins accounts for approximately 1.0% of Evergreen Quality Fund GP Ltd.’s portfolio, making the stock its 20th biggest holding. Evergreen Quality Fund GP Ltd. owned about 0.07% of Cummins at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Asset One Wealth Management LLC purchased a new position in shares of Cummins during the fourth quarter worth about $4,125,000. Balyasny Asset Management L.P. raised its stake in Cummins by 14,497.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 333,837 shares of the company’s stock valued at $170,407,000 after acquiring an additional 331,550 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Cummins by 47.2% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 5,941 shares of the company’s stock worth $3,037,000 after acquiring an additional 1,906 shares during the period. Caisse de depot et placement du Quebec lifted its position in Cummins by 360.1% during the 4th quarter. Caisse de depot et placement du Quebec now owns 241,908 shares of the company’s stock worth $123,482,000 after acquiring an additional 189,333 shares during the period. Finally, Integrated Advisors Network LLC grew its stake in shares of Cummins by 23.3% in the 4th quarter. Integrated Advisors Network LLC now owns 2,337 shares of the company’s stock valued at $1,193,000 after purchasing an additional 442 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CMI. Truist Financial set a $815.00 price target on Cummins in a research note on Wednesday, May 6th. Wells Fargo & Company lifted their price objective on shares of Cummins from $794.00 to $874.00 and gave the company an “overweight” rating in a research report on Wednesday. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. UBS Group reaffirmed a “buy” rating on shares of Cummins in a report on Wednesday. Finally, Weiss Ratings lowered shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins Trading Up 2.6%

Shares of CMI stock opened at $718.51 on Thursday. The business’s fifty day moving average price is $657.38 and its 200 day moving average price is $588.25. The firm has a market capitalization of $99.15 billion, a PE ratio of 37.29, a P/E/G ratio of 1.71 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11. Cummins Inc. has a 1-year low of $307.90 and a 1-year high of $733.48.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same period in the previous year, the firm earned $5.96 EPS. The business’s revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts forecast that Cummins Inc. will post 29.29 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. Cummins’s payout ratio is currently 41.52%.

Insider Activity at Cummins

In other Cummins news, VP Donald G. Jackson sold 730 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $710.92, for a total value of $518,971.60. Following the completion of the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This trade represents a 8.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the sale, the insider directly owned 10,404 shares in the company, valued at $7,165,755. This trade represents a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 13,579 shares of company stock valued at $9,377,684 in the last ninety days. Company insiders own 0.30% 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.