Cummins Inc. $CMI Shares Bought by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 35.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,398 shares of the company’s stock after purchasing an additional 1,675 shares during the period. Sequoia Financial Advisors LLC’s holdings in Cummins were worth $3,266,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Boston Partners acquired a new position in shares of Cummins during the 3rd quarter worth approximately $473,471,000. London Co. of Virginia acquired a new stake in Cummins during the 3rd quarter valued at $231,732,000. Bank of New York Mellon Corp increased its position in Cummins by 50.8% during the third 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 in the last quarter. Nordea Investment Management AB increased its position in Cummins by 103.8% during the fourth 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 in the last quarter. Finally, Merewether Investment Management LP acquired a new position in shares of Cummins in the third quarter worth $91,147,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 1,300 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were 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 directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $600.13, for a total transaction of $960,208.00. Following the transaction, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. This trade represents a 18.15% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 33,603 shares of company stock valued at $20,047,788. 0.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the topic of a number of analyst reports. Morgan Stanley increased their price objective on Cummins from $675.00 to $752.00 and gave the company an “overweight” rating in a research note on Wednesday. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Truist Financial set a $815.00 price target on shares of Cummins in a research note on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating 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 report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $649.47.

Cummins Price Performance

Shares of NYSE:CMI opened at $679.25 on Friday. The company has a market cap of $93.73 billion, a P/E ratio of 35.25, a P/E/G ratio of 1.74 and a beta of 1.27. The business has a fifty day simple moving average of $586.92 and a 200-day simple moving average of $543.54. Cummins Inc. has a 52 week low of $305.13 and a 52 week high of $718.08. The company has a quick ratio of 1.16, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to the consensus estimate of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted $5.96 earnings per share. Equities research analysts forecast that Cummins Inc. will post 28.39 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 given a $2.00 dividend. The ex-dividend date of this dividend 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 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.