Korea Investment CORP Raises Stake in Cummins Inc. $CMI

Korea Investment CORP boosted its stake in shares of Cummins Inc. (NYSE:CMI) by 69.1% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 154,750 shares of the company’s stock after purchasing an additional 63,220 shares during the period. Korea Investment CORP’s holdings in Cummins were worth $65,362,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in Cummins in the second quarter valued at about $505,941,000. American Century Companies Inc. increased its stake in shares of Cummins by 138.8% during the 2nd quarter. American Century Companies Inc. now owns 909,653 shares of the company’s stock worth $297,912,000 after purchasing an additional 528,689 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock worth $612,715,000 after purchasing an additional 488,430 shares during the last quarter. Ontario Teachers Pension Plan Board increased its stake in shares of Cummins by 5,158.9% during the 2nd quarter. Ontario Teachers Pension Plan Board now owns 435,960 shares of the company’s stock worth $142,777,000 after purchasing an additional 427,670 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Cummins by 2.0% in the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after purchasing an additional 344,680 shares during the period. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of NYSE CMI opened at $539.59 on Monday. The stock’s 50-day simple moving average is $570.78 and its two-hundred day simple moving average is $491.34. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The firm has a market capitalization of $74.55 billion, a P/E ratio of 26.30, a P/E/G ratio of 1.71 and a beta of 1.12. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. The company 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%.Cummins’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.16 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s payout ratio is currently 38.99%.

Insiders Place Their Bets

In other news, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total transaction 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 approximately $20,446,495.30. The trade was a 34.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Jennifer Mary Bush sold 4,270 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $584.93, for a total transaction of $2,497,651.10. Following the completion of the transaction, the vice president owned 15,130 shares of the company’s stock, valued at $8,849,990.90. This trade represents a 22.01% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over 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.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on CMI shares. UBS Group set a $565.00 price objective on Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Truist Financial reiterated 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. Citigroup boosted their price target on shares of Cummins from $580.00 to $630.00 and gave the company a “buy” rating in a research report on Tuesday, January 13th. Argus set a $696.00 price target on shares of Cummins in a research note on Tuesday, February 10th. Finally, Barclays lifted their price objective on shares of Cummins from $546.00 to $610.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Eleven equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

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.