NewSquare Capital LLC Grows Stock Position in Cummins Inc. (NYSE:CMI)

NewSquare Capital LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 3.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 31,975 shares of the company’s stock after purchasing an additional 1,109 shares during the period. NewSquare Capital LLC’s holdings in Cummins were worth $7,595,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares during the last quarter. International Assets Investment Management LLC increased its position in Cummins by 21,025.8% in the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after acquiring an additional 731,697 shares during the period. iA Global Asset Management Inc. acquired a new position in Cummins in the 3rd quarter valued at about $71,268,000. Envestnet Asset Management Inc. increased its position in Cummins by 88.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after acquiring an additional 274,927 shares during the period. Finally, Principal Financial Group Inc. increased its position in Cummins by 28.2% in the 3rd quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock valued at $244,710,000 after acquiring an additional 235,372 shares during the period. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the sale, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The disclosure for this sale can be found here. Insiders have sold a total of 51,289 shares of company stock valued at $13,576,838 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on CMI shares. Truist Financial started coverage on Cummins in a research report on Thursday, March 14th. They issued a “hold” rating and a $303.00 price target on the stock. Morgan Stanley started coverage on Cummins in a research report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price target on the stock. JPMorgan Chase & Co. boosted their price target on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $254.00 to $321.00 in a research report on Friday, March 15th. Finally, Citigroup boosted their target price on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Cummins presently has a consensus rating of “Hold” and a consensus target price of $279.70.

Cummins Trading Up 0.8 %

Shares of Cummins stock traded up $2.31 during trading hours on Tuesday, reaching $292.71. 782,614 shares of the company’s stock were exchanged, compared to its average volume of 2,765,917. Cummins Inc. has a 52-week low of $203.18 and a 52-week high of $304.24. The firm has a market capitalization of $40.03 billion, a price-to-earnings ratio of 56.28, a price-to-earnings-growth ratio of 1.96 and a beta of 1.04. The company has a fifty day moving average of $280.93 and a 200-day moving average of $249.14. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a return on equity of 25.68% and a net margin of 2.16%. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the prior year, the company earned $4.52 EPS. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 18.31 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

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.