Mariner LLC Increases Stock Position in Cummins Inc. $CMI

Mariner LLC raised its position in shares of Cummins Inc. (NYSE:CMI) by 8.7% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 221,808 shares of the company’s stock after buying an additional 17,754 shares during the period. Mariner LLC’s holdings in Cummins were worth $113,236,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Nicolet Advisory Services LLC boosted its position in Cummins by 1.6% during the 4th quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after buying an additional 17 shares during the period. Focus Partners Wealth boosted its position in Cummins by 143.5% during the 4th quarter. Focus Partners Wealth now owns 145,894 shares of the company’s stock valued at $74,472,000 after buying an additional 85,978 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in Cummins by 1,074.5% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 297,783 shares of the company’s stock valued at $152,003,000 after buying an additional 272,428 shares during the period. Icon Wealth Advisors LLC boosted its position in Cummins by 3.4% during the 4th quarter. Icon Wealth Advisors LLC now owns 1,971 shares of the company’s stock valued at $1,006,000 after buying an additional 64 shares during the period. Finally, Dymon Asia Capital Singapore PTE. LTD. purchased a new stake in Cummins during the 4th quarter valued at $1,366,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on CMI. Evercore reissued an “outperform” rating and set a $845.00 price target on shares of Cummins in a research report on Monday, May 11th. UBS Group upgraded shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price target for the company from $565.00 to $850.00 in a research report on Monday, June 8th. Sanford C. Bernstein reissued a “market perform” rating on shares of Cummins in a research note on Friday, May 22nd. Citigroup raised their price objective on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Truist Financial set a $815.00 target price on Cummins in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four 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 $726.14.

Cummins Price Performance

Shares of CMI opened at $679.66 on Tuesday. Cummins Inc. has a fifty-two week low of $307.90 and a fifty-two week high of $718.08. The firm’s 50-day simple moving average is $651.02 and its two-hundred day simple moving average is $585.26. The stock has a market cap of $93.79 billion, a PE ratio of 35.27, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $8.37 billion. During the same quarter last year, the firm earned $5.96 earnings per share. The business’s revenue for the quarter was up 2.7% on a year-over-year basis. Analysts anticipate that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were paid 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 dividend yield of 1.2%. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Insider Buying and Selling at Cummins

In other Cummins news, CAO Nicole Lamb-Hale sold 2,408 shares of the firm’s stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the completion of the transaction, the chief accounting officer owned 14,084 shares of the company’s stock, valued at approximately $9,652,328.56. This trade represents a 14.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president owned 11,986 shares of the company’s stock, valued at approximately $8,344,773.06. This represents a 29.44% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 13,579 shares of company stock valued at $9,377,684. 0.30% of the stock is currently owned by company insiders.

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.