Cummins Inc. $CMI Shares Bought by MGO One Seven LLC

MGO One Seven LLC raised its holdings in shares of Cummins Inc. (NYSE:CMI) by 10.1% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 14,821 shares of the company’s stock after purchasing an additional 1,354 shares during the quarter. MGO One Seven LLC’s holdings in Cummins were worth $7,565,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Thompson Investment Management Inc. acquired a new position in Cummins during the fourth quarter worth about $26,000. Activest Wealth Management grew its stake in Cummins by 537.5% during the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock valued at $26,000 after acquiring an additional 43 shares in the last quarter. Flagship Wealth Advisors LLC acquired a new stake in Cummins in the 3rd quarter valued at about $28,000. Ares Financial Consulting LLC purchased a new position in Cummins in the 4th quarter worth approximately $29,000. Finally, Osterweis Capital Management Inc. purchased a new position in Cummins in the 2nd quarter worth approximately $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, VP Donald G. Jackson sold 1,600 shares of the business’s stock in a transaction dated Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total value of $960,208.00. Following the sale, the vice president directly owned 7,214 shares in the company, valued at approximately $4,329,337.82. The trade was a 18.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares in the company, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 33,603 shares of company stock worth $20,047,788. 0.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on CMI shares. UBS Group set a $565.00 price target on Cummins and gave the company a “neutral” rating in a research report on Friday, February 6th. Citigroup lifted their price objective on Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research report on Wednesday. Wells Fargo & Company boosted their price objective on Cummins from $693.00 to $794.00 and gave the stock an “overweight” rating in a research note on Wednesday. Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 28th. Finally, Truist Financial set a $815.00 price target on Cummins in a report on Wednesday. Eleven research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average target price of $649.47.

Cummins Trading Down 0.5%

CMI opened at $679.25 on Friday. The stock has a market capitalization of $93.73 billion, a PE ratio of 35.25, a P/E/G ratio of 1.75 and a beta of 1.27. Cummins Inc. has a one year low of $305.13 and a one year high of $718.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.16 and a current ratio of 1.71. The business’s 50 day moving average price is $586.92 and its 200 day moving average price is $543.54.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, topping 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 company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter last year, the firm earned $5.96 earnings per share. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, equities research analysts expect that Cummins Inc. will post 27.9 EPS for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were given a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is presently 41.52%.

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.