Massachusetts Wealth Management Boosts Stock Holdings in Cummins Inc. (NYSE:CMI)

Massachusetts Wealth Management lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 2.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 4,782 shares of the company’s stock after purchasing an additional 95 shares during the period. Massachusetts Wealth Management’s holdings in Cummins were worth $1,548,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. International Assets Investment Management LLC raised its position 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 purchasing an additional 972,247 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Cummins by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company’s stock valued at $2,342,001,000 after acquiring an additional 604,735 shares in the last quarter. Jupiter Asset Management Ltd. acquired a new position in Cummins in the second quarter valued at $68,018,000. SG Americas Securities LLC boosted its stake in shares of Cummins by 1,012.0% during the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after buying an additional 179,346 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Cummins during the second quarter worth about $46,607,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

NYSE:CMI traded up $0.30 during midday trading on Friday, reaching $332.78. The stock had a trading volume of 31,938 shares, compared to its average volume of 1,536,600. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $340.82. The firm’s fifty day simple moving average is $315.05 and its 200-day simple moving average is $295.57. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. The stock has a market capitalization of $45.52 billion, a P/E ratio of 24.33, a PEG ratio of 1.92 and a beta of 0.98.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.85 by $0.41. The company had revenue of $8.80 billion for the quarter, compared to analyst estimates of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business’s quarterly revenue was up 2.3% on a year-over-year basis. During the same period last year, the business posted $5.18 EPS. On average, equities research analysts forecast that Cummins Inc. will post 19.77 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors 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 2.19%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is currently 53.29%.

Insider Activity at Cummins

In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total value of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of Cummins stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares of the company’s stock, valued at approximately $23,870,722.08. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now directly owns 20,873 shares in the company, valued at approximately $6,269,205.55. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CMI shares. Robert W. Baird raised their price objective on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Citigroup lifted their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Finally, Barclays lifted their target price on shares of Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a report on Monday, August 5th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average target price of $311.55.

About Cummins

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.