Loomis Sayles & Co. L P Purchases 1,162 Shares of Cummins Inc. $CMI

Loomis Sayles & Co. L P lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 0.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 562,745 shares of the company’s stock after acquiring an additional 1,162 shares during the period. Loomis Sayles & Co. L P owned approximately 0.41% of Cummins worth $184,299,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Accredited Wealth Management LLC acquired a new stake in shares of Cummins in the first quarter valued at approximately $31,000. Costello Asset Management INC acquired a new stake in Cummins in the 1st quarter valued at about $40,000. Wealth Preservation Advisors LLC bought a new position in shares of Cummins during the 1st quarter worth approximately $41,000. CNB Bank acquired a new stake in Cummins during the 2nd quarter valued at $43,000. Finally, Flaharty Asset Management LLC bought a new stake in shares of Cummins during the 1st quarter worth about $47,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the topic of a number of recent research reports. Evercore ISI reissued an “outperform” rating on shares of Cummins in a report on Tuesday, August 19th. Barclays lifted their price objective on shares of Cummins from $430.00 to $515.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a research report on Monday. Citigroup increased their price target on Cummins from $500.00 to $530.00 and gave the stock a “buy” rating in a research report on Friday, November 7th. Finally, Truist Financial set a $628.00 price objective on Cummins and gave the company a “buy” rating in a report on Monday. Twelve research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Cummins presently has an average rating of “Moderate Buy” and an average price target of $476.75.

Cummins Stock Performance

NYSE CMI opened at $497.08 on Friday. The firm’s fifty day moving average price is $442.27 and its two-hundred day moving average price is $387.30. The stock has a market cap of $68.61 billion, a PE ratio of 23.37, a PEG ratio of 2.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.03 and a current ratio of 1.64. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $500.17.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.32 billion during the quarter, compared to analyst estimates of $7.97 billion. During the same period last year, the company earned $5.86 EPS. Cummins’s revenue for the quarter was down 1.6% compared to the same quarter last year. On average, equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be paid a $2.00 dividend. The ex-dividend date is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. Cummins’s payout ratio is currently 41.52%.

Insider Activity at Cummins

In related news, CEO Jennifer Rumsey sold 4,570 shares of the stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the transaction, the chief executive officer directly owned 42,880 shares of the company’s stock, valued at $20,320,403.20. This represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction dated 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 transaction, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. This represents a 29.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 36,410 shares of company stock worth $16,424,574 in the last quarter. Company insiders own 0.41% of the company’s stock.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.