Cummins Inc. $CMI Shares Acquired by Vise Technologies Inc.

Vise Technologies Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMI) by 20.2% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 21,845 shares of the company’s stock after purchasing an additional 3,674 shares during the quarter. Vise Technologies Inc.’s holdings in Cummins were worth $11,285,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Summit Global Investments lifted its holdings in Cummins by 15.9% in the third quarter. Summit Global Investments now owns 4,756 shares of the company’s stock valued at $2,457,000 after acquiring an additional 654 shares during the period. Invera Wealth Advisors LLC lifted its stake in shares of Cummins by 2.4% in the 3rd quarter. Invera Wealth Advisors LLC now owns 3,665 shares of the company’s stock valued at $1,893,000 after purchasing an additional 87 shares during the period. Avestar Capital LLC boosted its holdings in Cummins by 13.7% during the third quarter. Avestar Capital LLC now owns 1,353 shares of the company’s stock worth $699,000 after buying an additional 163 shares in the last quarter. International Assets Investment Management LLC boosted its holdings in Cummins by 34,193.6% during the third quarter. International Assets Investment Management LLC now owns 250,000 shares of the company’s stock worth $129,143,000 after buying an additional 249,271 shares in the last quarter. Finally, CHICAGO TRUST Co NA grew its position in Cummins by 23.0% during the third quarter. CHICAGO TRUST Co NA now owns 6,461 shares of the company’s stock valued at $3,338,000 after buying an additional 1,208 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CMI has been the subject of several research analyst reports. CICC Research assumed coverage on Cummins in a research note on Sunday, August 23rd. They set an “outperform” rating and a $781.00 target price for the company. Evercore reduced their target price on Cummins from $845.00 to $782.00 and set an “outperform” rating for the company in a report on Tuesday, August 11th. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Truist Financial lowered their price target on Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a research note on Monday, October 5th. Finally, Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $694.24.

Cummins Trading Up 0.1%

CMI opened at $500.75 on Monday. The firm has a market cap of $68.94 billion, a P/E ratio of 25.59, a P/E/G ratio of 1.32 and a beta of 1.24. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The business has a fifty day simple moving average of $536.75 and a 200-day simple moving average of $602.02. Cummins Inc. has a 52 week low of $426.79 and a 52 week high of $737.76.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analysts’ expectations of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the company earned $6.43 earnings per share. On average, equities analysts expect that Cummins Inc. will post 29.98 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a yield of 1.8%. Cummins’s dividend payout ratio is 44.97%.

Insider Transactions at Cummins

In other Cummins news, VP Earl Newsome sold 698 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.30% of the stock is currently owned by company insiders.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.