Cummins Inc. $CMI Stake Boosted by SevenBridge Financial Group LLC

SevenBridge Financial Group LLC boosted its holdings in Cummins Inc. (NYSE:CMI) by 11.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,102 shares of the company’s stock after purchasing an additional 1,134 shares during the quarter. SevenBridge Financial Group LLC’s holdings in Cummins were worth $4,689,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of CMI. Brighton Jones LLC lifted its holdings in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares during the last quarter. Intech Investment Management LLC lifted its holdings in shares of Cummins by 40.8% in the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after purchasing an additional 1,146 shares during the last quarter. Wedbush Securities Inc. boosted its position in Cummins by 5.7% during the 2nd quarter. Wedbush Securities Inc. now owns 1,518 shares of the company’s stock valued at $497,000 after purchasing an additional 82 shares during the period. Penserra Capital Management LLC boosted its position in Cummins by 13.0% during the 2nd quarter. Penserra Capital Management LLC now owns 756 shares of the company’s stock valued at $246,000 after purchasing an additional 87 shares during the period. Finally, Prospera Financial Services Inc grew its stake in Cummins by 36.8% during the 2nd quarter. Prospera Financial Services Inc now owns 4,412 shares of the company’s stock worth $1,447,000 after buying an additional 1,188 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on CMI. Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a research report on Monday, January 26th. Truist Financial restated a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a research report on Friday, February 6th. JPMorgan Chase & Co. increased their price objective on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a report on Wednesday, January 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Finally, Argus set a $696.00 target price on shares of Cummins in a research report on Tuesday, February 10th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Cummins Price Performance

Shares of NYSE CMI opened at $556.26 on Thursday. The stock has a market cap of $76.85 billion, a P/E ratio of 27.11, a P/E/G ratio of 1.77 and a beta of 1.12. The firm’s 50-day simple moving average is $573.25 and its 200 day simple moving average is $493.96. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. 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 (NYSE:CMI) last announced its earnings results 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 during the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. Cummins’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $5.16 EPS. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Insider Activity

In other news, VP Amy Rochelle Davis sold 4,054 shares of Cummins 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 transaction, the vice president directly owned 15,807 shares in the company, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares in the company, valued at $8,849,990.90. This represents a 22.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 31,195 shares of company stock worth $18,397,489 in the last quarter. 0.41% of the stock is currently owned by corporate insiders.

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.