Renaissance Technologies LLC Acquires Shares of 25,220 Cummins Inc. $CMI

Renaissance Technologies LLC bought a new position in Cummins Inc. (NYSE:CMI) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 25,220 shares of the company’s stock, valued at approximately $13,569,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Valmark Advisers Inc. boosted its stake in shares of Cummins by 1.9% during the first quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after purchasing an additional 16 shares during the period. Nicolet Advisory Services LLC increased its stake in Cummins by 1.6% in the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock worth $619,000 after buying an additional 17 shares during the period. Uhlmann Price Securities LLC lifted its holdings in Cummins by 2.4% during the 1st quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after buying an additional 17 shares in the last quarter. Financial Consulate Inc. lifted its holdings in Cummins by 16.8% during the 4th quarter. Financial Consulate Inc. now owns 125 shares of the company’s stock valued at $64,000 after buying an additional 18 shares in the last quarter. Finally, ICW Investment Advisors LLC boosted its position in Cummins by 2.6% in the 4th quarter. ICW Investment Advisors LLC now owns 723 shares of the company’s stock valued at $369,000 after buying an additional 18 shares during the period. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president directly owned 11,986 shares in the company, valued at approximately $8,344,773.06. This trade represents a 29.44% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the business’s stock in a transaction 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 completion of the transaction, the insider directly owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. The trade was a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 13,579 shares of company stock valued at $9,377,684 over the last ninety days. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on CMI shares. Weiss Ratings downgraded shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Truist Financial lifted their price target on shares of Cummins from $815.00 to $901.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Argus boosted their price target on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a report on Monday, June 1st. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. raised their price objective on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Cummins presently has an average rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Trading Up 0.4%

NYSE CMI opened at $635.55 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The company has a market capitalization of $87.70 billion, a price-to-earnings ratio of 32.98, a price-to-earnings-growth ratio of 1.54 and a beta of 1.22. The company’s 50-day simple moving average is $670.10 and its two-hundred day simple moving average is $622.52. Cummins Inc. has a one year low of $354.68 and a one year high of $737.76.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, beating 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 business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the previous year, the business posted $5.96 EPS. The company’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities analysts forecast that Cummins Inc. will post 29.39 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be paid a $2.20 dividend. This represents a $8.80 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date of this dividend is Friday, August 21st. Cummins’s payout ratio is presently 41.52%.

Cummins Company 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.