Inlet Private Wealth LLC Reduces Stake in Cummins Inc. $CMI

Inlet Private Wealth LLC lowered its holdings in Cummins Inc. (NYSE:CMI) by 61.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 678 shares of the company’s stock after selling 1,100 shares during the quarter. Inlet Private Wealth LLC’s holdings in Cummins were worth $346,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of CMI. Boston Partners purchased a new position in shares of Cummins in the 3rd quarter valued at approximately $473,471,000. London Co. of Virginia purchased a new position in shares of Cummins in the 3rd quarter valued at approximately $231,732,000. Bank of New York Mellon Corp lifted its stake in shares of Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after purchasing an additional 488,430 shares during the period. Nordea Investment Management AB lifted 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 purchasing an additional 278,350 shares during the period. Finally, Merewether Investment Management LP purchased a new position in shares of Cummins in the 3rd quarter valued at approximately $91,147,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of research analyst reports. Truist Financial restated a “buy” rating and issued a $703.00 target price (up from $653.00) on shares of Cummins in a research note on Friday, February 6th. Wolfe Research cut Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 target price for the company. in a research note on Monday, January 26th. Weiss Ratings restated a “buy (b-)” rating on shares of Cummins in a research note on Monday, December 29th. Barclays raised their target price on Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Finally, Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the company a “market perform” rating in a research note on Friday, February 6th. Eleven research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Cummins presently has a consensus rating of “Moderate Buy” and a consensus target price of $588.93.

Cummins Stock Up 0.4%

Shares of NYSE:CMI opened at $552.02 on Tuesday. The stock has a fifty day simple moving average of $567.03 and a two-hundred day simple moving average of $511.99. The stock has a market capitalization of $76.27 billion, a price-to-earnings ratio of 26.90, a PEG ratio of 1.74 and a beta of 1.14. Cummins Inc. has a 12-month low of $260.02 and a 12-month 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.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion during 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 company’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the company earned $5.16 EPS. On average, research analysts anticipate that Cummins Inc. will post 22.54 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.4%. Cummins’s dividend payout ratio (DPR) is presently 38.99%.

Insiders Place Their Bets

In other Cummins news, VP Earl Newsome sold 1,300 shares of Cummins stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the completion of the sale, the vice president owned 3,389 shares of the company’s stock, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of Cummins stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total value of $2,497,651.10. Following the completion of the sale, the vice president directly owned 15,130 shares of the company’s stock, valued at approximately $8,849,990.90. The trade was a 22.01% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 31,195 shares of company stock worth $18,397,489. 0.41% of the stock is owned by corporate insiders.

Cummins Company 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.