Integras Partners LLC Increases Position in Cummins Inc. $CMI

Integras Partners LLC raised its stake in shares of Cummins Inc. (NYSE:CMI) by 13.9% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 9,069 shares of the company’s stock after purchasing an additional 1,105 shares during the period. Cummins makes up approximately 3.1% of Integras Partners LLC’s portfolio, making the stock its 6th biggest holding. Integras Partners LLC’s holdings in Cummins were worth $3,830,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Cummins in the 2nd quarter valued at $505,941,000. American Century Companies Inc. grew its stake in shares of Cummins by 138.8% in the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after acquiring an additional 528,689 shares in the last quarter. Ontario Teachers Pension Plan Board raised its holdings in shares of Cummins by 5,158.9% in the second quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock valued at $142,777,000 after purchasing an additional 427,670 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Cummins by 2.0% in the second quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock valued at $5,773,219,000 after purchasing an additional 344,680 shares during the last quarter. Finally, Amundi lifted its position in shares of Cummins by 48.6% during the second quarter. Amundi now owns 1,030,767 shares of the company’s stock valued at $343,699,000 after purchasing an additional 337,074 shares in the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Up 2.7%

Shares of NYSE CMI opened at $546.23 on Wednesday. Cummins Inc. has a one year low of $260.02 and a one year high of $547.43. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.77 and a quick ratio of 1.11. The business’s fifty day moving average price is $492.16 and its 200-day moving average price is $424.34. The stock has a market capitalization of $75.40 billion, a PE ratio of 28.35, a P/E/G ratio of 1.86 and a beta of 1.12.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. The company had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. Cummins had a return on equity of 26.02% and a net margin of 7.95%.The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. During the same quarter last year, the firm posted $5.86 EPS. On average, equities research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 4th. Stockholders of record on Friday, November 21st were given a $2.00 dividend. The ex-dividend date of this dividend was Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.5%. Cummins’s payout ratio is 41.52%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wells Fargo & Company initiated coverage on shares of Cummins in a research note on Thursday, November 13th. They issued an “overweight” rating and a $599.00 price objective for the company. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Citigroup increased their price target on Cummins from $530.00 to $580.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Truist Financial boosted their price objective on Cummins from $628.00 to $653.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Finally, JPMorgan Chase & Co. raised their target price on Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $492.75.

Insider Activity at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total value of $2,165,677.30. Following the completion of the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at approximately $20,320,403.20. This trade represents a 9.63% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total transaction of $6,170,352.60. Following the sale, the chief financial officer directly owned 31,582 shares in the company, valued at $14,864,384.12. The trade was a 29.33% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 19,330 shares of company stock worth $9,135,364. 0.41% of the stock is owned by corporate 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.