Xponance Inc. Buys 3,084 Shares of Cummins Inc. $CMI

Xponance Inc. increased its stake in shares of Cummins Inc. (NYSE:CMI) by 14.5% in the third quarter, HoldingsChannel reports. The firm owned 24,316 shares of the company’s stock after buying an additional 3,084 shares during the period. Xponance Inc.’s holdings in Cummins were worth $10,270,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Flagship Wealth Advisors LLC acquired a new stake in shares of Cummins during the third quarter worth $28,000. Salomon & Ludwin LLC raised its stake in Cummins by 1,333.3% in the 3rd quarter. Salomon & Ludwin LLC now owns 86 shares of the company’s stock worth $37,000 after acquiring an additional 80 shares during the last quarter. Guerra Advisors Inc acquired a new stake in Cummins during the 3rd quarter worth about $36,000. Tripletail Wealth Management LLC acquired a new position in shares of Cummins in the third quarter valued at about $39,000. Finally, Osterweis Capital Management Inc. purchased a new position in shares of Cummins in the second quarter worth about $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CMI. UBS Group set a $565.00 price target on shares of Cummins and gave the stock a “neutral” rating in a report on Friday, February 6th. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Argus set a $696.00 target price on shares of Cummins in a research report on Tuesday, February 10th. Truist Financial reaffirmed 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. Finally, Robert W. Baird set a $580.00 price objective on Cummins in a report on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $588.93.

Insider Activity

In other news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the sale, the director owned 34,243 shares in the company, valued at $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Earl Newsome sold 1,300 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total transaction of $758,771.00. Following the transaction, the vice president owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 27,141 shares of company stock worth $16,121,817. Insiders own 0.41% of the company’s stock.

Cummins Stock Down 0.6%

CMI opened at $584.37 on Friday. The company has a fifty day moving average of $566.52 and a two-hundred day moving average of $484.51. The stock has a market capitalization of $80.74 billion, a price-to-earnings ratio of 28.48, a PEG ratio of 1.86 and a beta of 1.13. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $617.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.16 and a current ratio of 1.76.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. During the same period in the prior year, the company posted $5.16 EPS. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, research analysts expect that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Dividend Announcement

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

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.