Rhumbline Advisers Has $118.94 Million Position in Cummins Inc. $CMI

Rhumbline Advisers increased its holdings in Cummins Inc. (NYSE:CMI) by 3.5% in the 3rd quarter, Holdings Channel reports. The fund owned 281,601 shares of the company’s stock after purchasing an additional 9,451 shares during the period. Rhumbline Advisers’ holdings in Cummins were worth $118,940,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CMI. Motley Fool Asset Management LLC raised its holdings in shares of Cummins by 9.7% during the second quarter. Motley Fool Asset Management LLC now owns 7,018 shares of the company’s stock worth $2,298,000 after acquiring an additional 623 shares in the last quarter. Applied Finance Capital Management LLC lifted its holdings in shares of Cummins by 14.4% during the 2nd quarter. Applied Finance Capital Management LLC now owns 60,797 shares of the company’s stock valued at $19,910,000 after buying an additional 7,656 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Cummins by 8.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after buying an additional 2,417 shares in the last quarter. New York State Teachers Retirement System increased its holdings in Cummins by 2.1% in the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after buying an additional 2,305 shares during the last quarter. Finally, Bailard Inc. raised its position in Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after acquiring an additional 4,035 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $599.19 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The firm has a market cap of $82.71 billion, a price-to-earnings ratio of 29.20, a P/E/G ratio of 1.86 and a beta of 1.13. Cummins Inc. has a one year low of $260.02 and a one year high of $617.98. The stock’s fifty day simple moving average is $546.63 and its 200 day simple moving average is $466.82.

Cummins (NYSE:CMI) last posted 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 company had revenue of $8.54 billion during the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. Cummins’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.16 earnings per share. On average, analysts expect that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be paid a dividend of $2.00 per share. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, February 20th. Cummins’s dividend payout ratio is 38.99%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CMI shares. Morgan Stanley reaffirmed an “overweight” rating and issued a $675.00 price objective on shares of Cummins in a research note on Friday, February 6th. Truist Financial restated a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a report on Friday, February 6th. Robert W. Baird set a $580.00 price target on shares of Cummins in a research report on Friday, February 6th. Wells Fargo & Company boosted their price objective on shares of Cummins from $599.00 to $630.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Finally, Wolfe Research lowered shares of Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price on the stock. in a research note on Monday, January 26th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $588.93.

Insiders Place Their Bets

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the firm’s stock in a transaction dated Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total transaction of $709,514.00. Following the transaction, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. This trade represents a 13.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.41% of the company’s stock.

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.