Loomis Sayles & Co. L P Has $221.76 Million Stock Position in Cummins Inc. (NYSE:CMI)

Loomis Sayles & Co. L P grew its position in shares of Cummins Inc. (NYSE:CMI) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 684,893 shares of the company’s stock after buying an additional 12,026 shares during the quarter. Loomis Sayles & Co. L P owned approximately 0.50% of Cummins worth $221,762,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the company. PFG Investments LLC grew its holdings in shares of Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock worth $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC lifted its position in shares of Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after purchasing an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC grew its stake in shares of Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Cummins during the second quarter valued at approximately $16,329,000. Finally, Cetera Advisors LLC increased its holdings in shares of Cummins by 162.9% in the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock valued at $6,739,000 after purchasing an additional 14,170 shares in the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Barclays upped their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Citigroup lifted their price target on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research report on Wednesday, November 20th. Truist Financial increased their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upped their target price on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $337.67.

Cummins Stock Performance

NYSE:CMI opened at $372.62 on Monday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. Cummins Inc. has a fifty-two week low of $222.04 and a fifty-two week high of $373.35. The company has a market cap of $51.12 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 1.81 and a beta of 0.97. The stock has a fifty day moving average price of $335.78 and a 200-day moving average price of $304.64.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. Cummins’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the company earned $4.73 EPS. As a group, equities analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 1.95%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is presently 48.08%.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. Insiders own 0.56% of the company’s stock.

Cummins Profile

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.