Cummins Inc. (NYSE:CMI) Shares Purchased by Truvestments Capital LLC

Truvestments Capital LLC increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 11.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,207 shares of the company’s stock after purchasing an additional 227 shares during the period. Truvestments Capital LLC’s holdings in Cummins were worth $715,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Pathway Financial Advisers LLC lifted its holdings in shares of Cummins by 31,489.1% in the 3rd quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock valued at $819,794,000 after buying an additional 2,523,854 shares during the period. International Assets Investment Management LLC lifted its holdings in Cummins by 38,765.8% in the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock valued at $315,616,000 after acquiring an additional 972,247 shares during the period. Jupiter Asset Management Ltd. acquired a new position in Cummins in the second quarter valued at approximately $68,018,000. SG Americas Securities LLC boosted its position in Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in shares of Cummins during the 2nd quarter valued at approximately $46,607,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold 6,489 shares of company stock worth $2,357,531 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Up 1.0 %

NYSE CMI opened at $372.62 on Monday. The business has a fifty day moving average price of $335.78 and a 200 day moving average price of $304.64. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The company has a market cap of $51.12 billion, a P/E ratio of 24.61, a P/E/G ratio of 1.81 and a beta of 0.97. Cummins Inc. has a one year low of $222.04 and a one year high of $373.35.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $4.73 earnings per share. Research 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. Stockholders 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 dividend yield of 1.95%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Robert W. Baird increased their price target on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. The Goldman Sachs Group upped their price target on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, Truist Financial raised their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $337.67.

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.