115,000 Shares in Cummins Inc. $CMI Acquired by Cartenna Capital LP

Cartenna Capital LP bought a new stake in Cummins Inc. (NYSE:CMI) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 115,000 shares of the company’s stock, valued at approximately $48,573,000. Cummins makes up about 1.4% of Cartenna Capital LP’s investment portfolio, making the stock its 23rd biggest position.

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake in Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after buying an additional 344,680 shares in the last quarter. State Street Corp raised its position in shares of Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock valued at $2,141,585,000 after buying an additional 92,073 shares in the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Cummins by 2.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after acquiring an additional 91,956 shares during the last quarter. Norges Bank bought a new stake in shares of Cummins during the 2nd quarter worth $505,941,000. Finally, Dimensional Fund Advisors LP grew its position in Cummins by 0.5% in the third quarter. Dimensional Fund Advisors LP now owns 1,537,347 shares of the company’s stock worth $649,280,000 after acquiring an additional 7,372 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In other Cummins news, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president owned 3,389 shares in the company, valued at approximately $1,978,057.63. The trade was a 27.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the sale, the vice president directly owned 15,807 shares of the company’s stock, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 31,195 shares of company stock worth $18,397,489 over the last quarter. Company insiders own 0.41% of the company’s stock.

Cummins Stock Performance

Cummins stock opened at $535.58 on Friday. The firm has a fifty day simple moving average of $574.09 and a two-hundred day simple moving average of $495.92. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a market capitalization of $74.00 billion, a PE ratio of 26.10, a P/E/G ratio of 1.70 and a beta of 1.12.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a dividend of $2.00 per share. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.5%. Cummins’s dividend payout ratio is currently 38.99%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on CMI shares. Wells Fargo & Company raised their price target on Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. JPMorgan Chase & Co. upped their price objective on Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. UBS Group set a $565.00 price objective on Cummins and gave the company a “neutral” rating in a research report on Friday, February 6th. Wall Street Zen cut Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Finally, Argus set a $696.00 target price on Cummins in a research report on Tuesday, February 10th. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

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.