Conning Inc. Has $33.69 Million Stock Position in Cummins Inc. $CMI

Conning Inc. lowered its position in shares of Cummins Inc. (NYSE:CMI) by 21.6% in the fourth quarter, HoldingsChannel reports. The fund owned 66,008 shares of the company’s stock after selling 18,235 shares during the period. Cummins accounts for approximately 1.1% of Conning Inc.’s investment portfolio, making the stock its 25th largest holding. Conning Inc.’s holdings in Cummins were worth $33,694,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. Thompson Investment Management Inc. bought a new stake in Cummins during the 4th quarter worth about $26,000. Activest Wealth Management grew its position in shares of Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after buying an additional 43 shares during the period. Ares Financial Consulting LLC bought a new stake in shares of Cummins during the fourth quarter worth approximately $29,000. Holos Integrated Wealth LLC bought a new stake in shares of Cummins during the fourth quarter worth approximately $32,000. Finally, Palouse Capital Management Inc. acquired a new position in Cummins in the fourth quarter valued at approximately $33,000. Institutional investors own 83.46% of the company’s stock.

Cummins Stock Up 0.8%

NYSE:CMI opened at $715.33 on Friday. Cummins Inc. has a 1 year low of $307.90 and a 1 year high of $718.08. The stock has a 50-day moving average price of $599.02 and a two-hundred day moving average price of $553.62. The stock has a market cap of $98.71 billion, a price-to-earnings ratio of 37.12, a PEG ratio of 1.79 and a beta of 1.27. 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 (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The business had revenue of $8.40 billion for the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the previous year, the business posted $5.96 EPS. Cummins’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 28.39 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd will be paid a $2.00 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. Cummins’s payout ratio is presently 41.52%.

Analysts Set New Price Targets

A number of research firms have commented on CMI. Robert W. Baird set a $700.00 target price on shares of Cummins in a report on Wednesday, May 6th. Citigroup raised their price target on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Barclays upped their price objective on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a report on Wednesday, May 6th. UBS Group set a $565.00 target price on Cummins and gave the stock a “neutral” rating in a research report on Friday, February 6th. Finally, Sanford C. Bernstein set a $600.00 price target on shares of Cummins and gave the company a “market perform” rating in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $677.87.

Key Cummins News

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Cummins’ latest earnings beat expectations, with EPS of $6.15 on revenue of $8.40 billion, reinforcing confidence in the company’s operating momentum and supporting the stock. Cummins stock report
• Positive Sentiment: Analysts have turned more constructive, with Citigroup, Barclays, and Evercore raising targets, while Zacks upgraded Cummins to “strong-buy,” which can lift investor sentiment. Cummins price target raised article
• Positive Sentiment: The company declared a quarterly dividend of $2.00 per share, underscoring shareholder returns and adding to the stock’s income appeal.
• Positive Sentiment: Shareholders approved the board, pay package, and incentive plan at the annual meeting, signaling governance continuity and support for management. Cummins Shareholders Back Board, Pay and Incentive Plan
• Neutral Sentiment: One Cummins vice president sold shares, and several other insider sales were reported this week; while not necessarily a red flag, the activity may slightly temper enthusiasm.
• Neutral Sentiment: Recent articles discussing Cummins’ momentum and relative performance versus industrial peers are more commentary than fresh catalysts. Relative performance article

Insider Transactions at Cummins

In other news, VP Amy Rochelle Davis sold 4,054 shares of the company’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the transaction, the vice president owned 15,807 shares in the company, valued at $8,873,101.38. This represents a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Jennifer Mary Bush sold 5,000 shares of the firm’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president owned 11,986 shares in the company, valued at approximately $8,344,773.06. The trade was a 29.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 22,397 shares of company stock valued at $14,465,833. 0.30% of the stock is currently owned by insiders.

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.