MASTERINVEST Kapitalanlage GmbH Has $2.16 Million Position in Cummins Inc. $CMI

MASTERINVEST Kapitalanlage GmbH cut its holdings in Cummins Inc. (NYSE:CMI) by 45.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,012 shares of the company’s stock after selling 3,340 shares during the period. MASTERINVEST Kapitalanlage GmbH’s holdings in Cummins were worth $2,159,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Juno Financial Group LLC acquired a new position in Cummins in the fourth quarter valued at approximately $883,000. Truist Financial Corp grew its position in shares of Cummins by 4.8% during the 4th quarter. Truist Financial Corp now owns 64,005 shares of the company’s stock worth $32,671,000 after buying an additional 2,951 shares during the period. Nordea Investment Management AB increased its stake in shares of Cummins by 103.8% in the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company’s stock valued at $280,397,000 after acquiring an additional 278,350 shares in the last quarter. California Public Employees Retirement System increased its stake in shares of Cummins by 6.4% in the 3rd quarter. California Public Employees Retirement System now owns 261,522 shares of the company’s stock valued at $110,459,000 after acquiring an additional 15,621 shares in the last quarter. Finally, Smith Salley Wealth Management lifted its position in shares of Cummins by 1,381.8% during the 4th quarter. Smith Salley Wealth Management now owns 21,768 shares of the company’s stock valued at $11,111,000 after acquiring an additional 20,299 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CMI. Wells Fargo & Company increased their target price on shares of Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 17th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a report on Wednesday, May 6th. Sanford C. Bernstein reiterated a “market perform” rating on shares of Cummins in a report on Friday, May 22nd. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday. Finally, UBS Group reaffirmed a “buy” rating on shares of Cummins in a research report on Wednesday, June 17th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $739.43.

Insiders Place Their Bets

In related news, insider Brett Michael Merritt sold 701 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the transaction, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction dated Tuesday, May 12th. The shares were sold at an average price of $696.21, for a total value of $3,481,050.00. Following the transaction, the vice president owned 11,986 shares of the company’s stock, valued at $8,344,773.06. This trade represents a 29.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last 90 days. Company insiders own 0.30% of the company’s stock.

Cummins Stock Performance

Shares of CMI stock opened at $675.02 on Wednesday. The firm has a market capitalization of $93.15 billion, a PE ratio of 35.03, a price-to-earnings-growth ratio of 1.62 and a beta of 1.22. The firm has a fifty day simple moving average of $679.36 and a two-hundred day simple moving average of $612.10. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50. Cummins Inc. has a 12 month low of $339.74 and a 12 month high of $737.76.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm earned $5.96 earnings per share. Analysts forecast that Cummins Inc. will post 29.33 EPS for the current fiscal year.

Cummins Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be issued a $2.20 dividend. The ex-dividend date is Friday, August 21st. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.3%. This is a boost from Cummins’s previous quarterly dividend of $2.00. Cummins’s dividend payout ratio (DPR) is currently 41.52%.

Cummins Profile

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.