4,730 Shares in Cummins Inc. $CMI Purchased by Global Retirement Partners LLC

Global Retirement Partners LLC acquired a new position in Cummins Inc. (NYSE:CMI) in the 2nd quarter, Holdings Channel reports. The institutional investor acquired 4,730 shares of the company’s stock, valued at approximately $1,549,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Eley Financial Management Inc increased its holdings in shares of Cummins by 0.3% during the second quarter. Eley Financial Management Inc now owns 15,483 shares of the company’s stock worth $5,071,000 after purchasing an additional 50 shares during the period. Sierra Summit Advisors LLC increased its stake in Cummins by 2.2% during the 2nd quarter. Sierra Summit Advisors LLC now owns 6,592 shares of the company’s stock worth $2,159,000 after acquiring an additional 141 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Cummins by 1.8% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 898,642 shares of the company’s stock valued at $294,305,000 after acquiring an additional 15,531 shares in the last quarter. Covalis Capital LLP lifted its position in shares of Cummins by 84.8% during the 2nd quarter. Covalis Capital LLP now owns 76,673 shares of the company’s stock valued at $25,110,000 after acquiring an additional 35,187 shares during the period. Finally, American Century Companies Inc. grew its holdings in shares of Cummins by 138.8% during the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after purchasing an additional 528,689 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In other news, insider Brett Michael Merritt sold 1,450 shares of the business’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 sale, the insider directly owned 9,271 shares in the company, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $470.66, for a total value of $6,170,352.60. Following the completion of the transaction, the chief financial officer directly owned 31,582 shares of the company’s stock, valued at $14,864,384.12. This represents a 29.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 36,410 shares of company stock valued at $16,424,574 in the last 90 days. Corporate insiders own 0.41% of the company’s stock.

Cummins Price Performance

CMI stock opened at $497.11 on Thursday. The stock has a market cap of $68.62 billion, a price-to-earnings ratio of 23.37, a P/E/G ratio of 2.05 and a beta of 1.07. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The company has a 50 day simple moving average of $439.39 and a 200 day simple moving average of $385.37. Cummins Inc. has a 1 year low of $260.02 and a 1 year high of $499.87.

Cummins (NYSE:CMI) last issued its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, beating analysts’ consensus estimates of $4.83 by $0.76. The firm had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The company’s quarterly revenue was down 1.6% on a year-over-year basis. During the same quarter last year, the business posted $5.86 earnings per share. Research analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on CMI shares. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Monday. Wall Street Zen upgraded shares of Cummins from a “hold” rating to a “buy” rating in a research report on Saturday, November 15th. Truist Financial set a $628.00 price target on shares of Cummins and gave the stock a “buy” rating in a research report on Monday. Melius Research raised shares of Cummins from a “hold” rating to a “buy” rating and set a $500.00 price objective on the stock in a research note on Wednesday, September 3rd. Finally, Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Thursday, November 6th. Twelve equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $476.75.

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.