NEOS Investment Management LLC Purchases 4,476 Shares of Cummins Inc. $CMI

NEOS Investment Management LLC raised its position in Cummins Inc. (NYSE:CMI) by 49.7% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,475 shares of the company’s stock after buying an additional 4,476 shares during the quarter. NEOS Investment Management LLC’s holdings in Cummins were worth $5,691,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Stock Yards Bank & Trust Co. lifted its holdings in shares of Cummins by 0.4% during the 3rd quarter. Stock Yards Bank & Trust Co. now owns 5,917 shares of the company’s stock worth $2,499,000 after acquiring an additional 24 shares during the period. Whittier Trust Co. lifted its stake in Cummins by 0.9% during the third quarter. Whittier Trust Co. now owns 2,667 shares of the company’s stock worth $1,154,000 after purchasing an additional 24 shares during the last quarter. Howard Capital Management Inc. increased its stake in shares of Cummins by 2.9% in the 3rd quarter. Howard Capital Management Inc. now owns 863 shares of the company’s stock valued at $365,000 after purchasing an additional 24 shares during the last quarter. BNP Paribas increased its stake in shares of Cummins by 1.8% in the 2nd quarter. BNP Paribas now owns 1,422 shares of the company’s stock valued at $466,000 after purchasing an additional 25 shares during the last quarter. Finally, Bridges Investment Management Inc. raised its holdings in shares of Cummins by 3.2% during the 3rd quarter. Bridges Investment Management Inc. now owns 845 shares of the company’s stock worth $357,000 after buying an additional 26 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

Shares of Cummins stock opened at $592.64 on Thursday. The business has a 50-day moving average price of $555.11 and a two-hundred day moving average price of $474.87. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98. The company has a current ratio of 1.76, a quick ratio of 1.16 and a debt-to-equity ratio of 0.51. The company has a market cap of $81.88 billion, a P/E ratio of 28.88, a PEG ratio of 1.88 and a beta of 1.13.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating the consensus estimate of $5.17 by $0.64. The company had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a return on equity of 25.71% and a net margin of 8.44%.The firm’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $5.16 EPS. As a group, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be issued a dividend of $2.00 per share. The ex-dividend date is Friday, February 20th. This represents a $8.00 annualized dividend and a dividend yield of 1.3%. Cummins’s payout ratio is currently 38.99%.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the company. Barclays lifted their target price on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. Truist Financial reaffirmed a “buy” rating and set a $703.00 price target (up from $653.00) on shares of Cummins in a report on Friday, February 6th. JPMorgan Chase & Co. boosted their target price on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Morgan Stanley reiterated an “overweight” rating and issued a $675.00 price target on shares of Cummins in a research note on Friday, February 6th. Finally, Wolfe Research lowered Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price target on the stock. in a research report on Monday, January 26th. Eleven equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat, Cummins currently has an average rating of “Moderate Buy” and an average price target of $588.93.

Insider Buying and Selling at Cummins

In other news, Director William I. Miller sold 18,107 shares of the stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the sale, the director directly owned 34,243 shares of the company’s stock, valued at $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Brett Michael Merritt sold 1,450 shares of Cummins stock in a transaction that occurred on Tuesday, November 25th. The shares were sold at an average price of $489.32, for a total value of $709,514.00. Following the transaction, 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 position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.41% of the company’s stock.

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.