Cummins Inc. $CMI Stock: Kintegral Advisory LLC Grows Position

Kintegral Advisory LLC increased its stake in Cummins Inc. (NYSE:CMI) by 223.8% in the third quarter, HoldingsChannel reports. The fund owned 26,140 shares of the company’s stock after purchasing an additional 18,068 shares during the period. Cummins makes up about 1.0% of Kintegral Advisory LLC’s portfolio, making the stock its 26th biggest position. Kintegral Advisory LLC’s holdings in Cummins were worth $13,503,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. BlackRock Inc. bought a new stake in Cummins in the second quarter valued at approximately $8,204,241,000. Bank of America Corp DE purchased a new stake in shares of Cummins during the second quarter valued at approximately $1,408,353,000. Bank of New York Mellon Corp bought a new position in shares of Cummins in the second quarter worth approximately $973,198,000. Legal & General Group Plc bought a new position in shares of Cummins in the second quarter worth approximately $666,635,000. Finally, Amundi increased its stake in shares of Cummins by 19.7% in the second quarter. Amundi now owns 893,772 shares of the company’s stock worth $637,446,000 after buying an additional 147,093 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

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

Cummins Trading Down 0.4%

Shares of CMI traded down $2.01 during mid-day trading on Friday, hitting $530.72. 1,255,487 shares of the company’s stock traded hands, compared to its average volume of 1,127,504. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 1 year low of $405.82 and a 1 year high of $737.76. The firm has a market capitalization of $73.06 billion, a P/E ratio of 27.12, a PEG ratio of 1.41 and a beta of 1.24. The business’s 50-day moving average price is $555.86 and its 200-day moving average price is $619.86.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion for the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter in the prior year, the company earned $6.43 EPS. Cummins’s revenue was up 9.4% compared to the same quarter last year. As a group, sell-side analysts forecast that Cummins Inc. will post 29.98 EPS for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s payout ratio is presently 44.97%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on CMI shares. Morgan Stanley upped their price target on shares of Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a report on Friday, July 17th. Truist Financial cut their price target on shares of Cummins from $894.00 to $779.00 and set a “buy” rating on the stock in a report on Monday, October 5th. Wall Street Zen cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Saturday. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $700.00 price objective on shares of Cummins in a research note on Wednesday, August 5th. Finally, DA Davidson increased their target price on shares of Cummins from $605.00 to $750.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Thirteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and an average price target of $708.18.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.