17,066 Cummins Inc. $CMI Shares Purchased by Formuepleje A S

Formuepleje A S grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 36.4% during the third quarter, HoldingsChannel.com reports. The firm owned 63,942 shares of the company’s stock after acquiring an additional 17,066 shares during the quarter. Cummins makes up about 2.8% of Formuepleje A S’s holdings, making the stock its 11th biggest holding. Formuepleje A S’s holdings in Cummins were worth $33,031,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in CMI. HBW Advisory Services LLC raised its position in shares of Cummins by 253.3% in the third quarter. HBW Advisory Services LLC now owns 1,650 shares of the company’s stock valued at $852,000 after buying an additional 1,183 shares in the last quarter. KG Capital Management boosted its stake in shares of Cummins by 93.3% in the third quarter. KG Capital Management now owns 7,238 shares of the company’s stock valued at $3,739,000 after buying an additional 3,493 shares during the period. Mather Group LLC. grew its position in Cummins by 702.9% during the third quarter. Mather Group LLC. now owns 26,631 shares of the company’s stock worth $13,757,000 after buying an additional 23,314 shares in the last quarter. Hudock Inc. grew its position in Cummins by 182.9% during the third quarter. Hudock Inc. now owns 2,470 shares of the company’s stock worth $1,276,000 after buying an additional 1,597 shares in the last quarter. Finally, First Pacific Financial increased its stake in Cummins by 2.7% during the 3rd quarter. First Pacific Financial now owns 2,469 shares of the company’s stock worth $1,246,000 after acquiring an additional 66 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Trading Down 0.2%

NYSE CMI traded down $1.20 during mid-day trading on Thursday, reaching $524.76. 431,950 shares of the stock were exchanged, compared to its average volume of 985,426. Cummins Inc. has a one year low of $405.82 and a one year high of $737.76. The stock has a 50 day simple moving average of $560.36 and a 200-day simple moving average of $620.42. The stock has a market cap of $72.24 billion, a P/E ratio of 26.81, a P/E/G ratio of 1.39 and a beta of 1.24. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.73 and a quick ratio of 1.13.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). The business had revenue of $9.46 billion for the quarter, compared to analyst estimates of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the business earned $6.43 EPS. On average, analysts anticipate that Cummins Inc. will post 30.10 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be given a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio is presently 44.97%.

Insider Buying and Selling at Cummins

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $572.22, for a total value of $399,409.56. Following the transaction, the vice president directly owned 4,479 shares in the company, valued at $2,562,973.38. This trade represents a 13.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on CMI shares. Truist Financial dropped their price objective on Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a report on Monday, October 5th. Morgan Stanley boosted their price target on Cummins from $752.00 to $761.00 and gave the company an “overweight” rating in a research note on Friday, July 17th. CICC Research began coverage on shares of Cummins in a research report on Sunday, August 23rd. They set an “outperform” rating and a $781.00 price objective for the company. Wells Fargo & Company decreased their target price on shares of Cummins from $874.00 to $760.00 and set an “overweight” rating on the stock in a report on Thursday, October 8th. Finally, UBS Group dropped their target price on shares of Cummins from $835.00 to $741.00 and set a “buy” rating for the company in a research report on Wednesday, September 30th. Thirteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $708.18.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.