DMKC Advisory Services LLC Sells 5,580 Shares of Cummins Inc. $CMI

DMKC Advisory Services LLC trimmed its position in shares of Cummins Inc. (NYSE:CMI) by 72.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,166 shares of the company’s stock after selling 5,580 shares during the quarter. DMKC Advisory Services LLC’s holdings in Cummins were worth $1,119,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in Cummins during the 2nd quarter worth $8,204,241,000. Bank of America Corp DE bought a new position in Cummins during the second quarter worth about $1,408,353,000. Bank of New York Mellon Corp acquired a new position in Cummins in the second quarter valued at about $973,198,000. Legal & General Group Plc acquired a new position in Cummins in the second quarter valued at about $666,635,000. Finally, Vontobel Holding Ltd. increased its holdings in shares of Cummins by 1,436.1% in the third quarter. Vontobel Holding Ltd. now owns 584,674 shares of the company’s stock worth $302,025,000 after acquiring an additional 546,613 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $466.73 on Tuesday. The firm has a market cap of $64.25 billion, a PE ratio of 19.48, a PEG ratio of 1.24 and a beta of 1.26. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 1-year low of $443.62 and a 1-year high of $737.76. The company has a fifty day moving average price of $524.50 and a 200 day moving average price of $599.03.

Cummins (NYSE:CMI) last released its earnings results on Thursday, November 5th. The company reported $8.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $8.20 by $0.05. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $9.89 billion. During the same quarter in the prior year, the company earned $5.59 EPS. The company’s revenue was up 13.5% on a year-over-year basis. Research analysts predict that Cummins Inc. will post 29.98 earnings per share for the current fiscal year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Investors of record on Friday, November 20th will be issued a dividend of $2.20 per share. The ex-dividend date is Friday, November 20th. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.9%. Cummins’s dividend payout ratio (DPR) is presently 36.73%.

Insider Transactions at Cummins

In related news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the sale, the vice president owned 4,479 shares of the company’s stock, valued at approximately $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on CMI shares. DA Davidson raised their price target on Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Tuesday. Citigroup decreased their price objective on Cummins from $630.00 to $525.00 and set a “buy” rating for the company in a research report on Friday. Weiss Ratings cut Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Monday, August 31st. Finally, Morgan Stanley raised their target price on shares of Cummins from $752.00 to $761.00 and gave the stock an “overweight” rating in a report on Friday, July 17th. Thirteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Cummins currently has a consensus rating of “Moderate Buy” and a consensus target price of $662.18.

Cummins News Summary

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: AI data-center power demand and a strong order backlog could support growth. However, supply constraints may limit the company’s ability to meet demand. Zacks article
• Neutral Sentiment: Barclays cut its price target to $600 from $675 but maintained an Overweight rating, indicating it still sees potential upside from the referenced share price. Barclays rating information
• Neutral Sentiment: Oppenheimer maintained its Hold rating, while Wells Fargo, Citigroup and Truist also reduced their price targets; the reports provided do not specify the new targets. Oppenheimer rating Wells Fargo target report Citigroup target report Truist target report
• Negative Sentiment: JPMorgan lowered its target sharply, from $600 to $465, and moved to a Neutral rating. The bank’s target is approximately in line with the referenced share price. JPMorgan rating information
• Negative Sentiment: An analysis cited cuts to fair value estimates as analysts trimmed growth and margin expectations. Truck-market weakness is another concern alongside supply constraints. Yahoo Finance article

Cummins Profile

Cummins Inc is a global power technology company founded in 1919 and headquartered in Columbus, Indiana. It designs, manufactures, distributes and services products used in commercial vehicles, industrial equipment, power generation and other applications.

The company’s offerings include diesel and natural gas engines, power generation systems, and components such as filtration, turbochargers and emissions-control systems. Through its Accelera business, Cummins also develops technologies including batteries, fuel cells and electrolyzers for lower-emission power and transportation.

Cummins serves customers in markets around the world through manufacturing operations, distribution networks and service locations.