Old Port Advisors Raises Stock Position in Cummins Inc. $CMI

Old Port Advisors boosted its position in shares of Cummins Inc. (NYSE:CMI) by 284.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,089 shares of the company’s stock after acquiring an additional 1,546 shares during the period. Old Port Advisors’ holdings in Cummins were worth $1,066,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Signet Financial Management LLC acquired a new position in shares of Cummins during the fourth quarter worth $201,000. Nordea Investment Management AB grew its stake in Cummins by 103.8% during 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 last quarter. Occidental Asset Management LLC increased its position in Cummins by 1.5% during the 4th quarter. Occidental Asset Management LLC now owns 15,034 shares of the company’s stock valued at $7,674,000 after buying an additional 228 shares in the last quarter. Kure Advisory LLC purchased a new stake in Cummins in the fourth quarter valued at about $253,000. Finally, Procyon Advisors LLC raised its stake in Cummins by 28.9% in the fourth quarter. Procyon Advisors LLC now owns 1,839 shares of the company’s stock valued at $939,000 after buying an additional 412 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on CMI. Truist Financial restated a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $485.00 to $580.00 and gave the company a “neutral” rating in a research report on Wednesday, January 14th. Wells Fargo & Company lifted their target price on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Wall Street Zen downgraded shares of Cummins from a “strong-buy” rating to a “buy” rating in a research report on Sunday, March 8th. Finally, Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a research note on Monday, January 26th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Insider Buying and Selling at Cummins

In other news, VP Donald G. Jackson sold 1,600 shares of the company’s 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 sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the sale, the vice president owned 15,807 shares in the company, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 31,195 shares of company stock worth $18,397,489. Corporate insiders own 0.41% of the company’s stock.

Cummins Stock Down 1.4%

Shares of CMI stock opened at $532.73 on Friday. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The firm has a market capitalization of $73.60 billion, a PE ratio of 25.96, a P/E/G ratio of 1.69 and a beta of 1.12. 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 stock’s 50-day simple moving average is $573.85 and its 200-day simple moving average is $500.87.

Cummins (NYSE:CMI) last released its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The firm 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% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.16 earnings per share. Equities analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

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.