Cypress Capital Group Invests $706,000 in Cummins Inc. (NYSE:CMI)

Cypress Capital Group acquired a new position in shares of Cummins Inc. (NYSE:CMI) in the third quarter, Holdings Channel reports. The institutional investor acquired 2,180 shares of the company’s stock, valued at approximately $706,000.

Other hedge funds also recently made changes to their positions in the company. Clearbridge Investments LLC bought a new stake in Cummins in the first quarter worth approximately $236,000. Shell Asset Management Co. bought a new stake in Cummins in the first quarter worth approximately $406,000. CreativeOne Wealth LLC bought a new stake in Cummins in the first quarter worth approximately $318,000. Advisors Asset Management Inc. increased its holdings in Cummins by 60.4% in the first quarter. Advisors Asset Management Inc. now owns 16,120 shares of the company’s stock worth $4,750,000 after purchasing an additional 6,071 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in Cummins by 51.9% in the first quarter. Canada Pension Plan Investment Board now owns 100,547 shares of the company’s stock worth $29,626,000 after purchasing an additional 34,347 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. JPMorgan Chase & Co. boosted their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Robert W. Baird boosted their price objective on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Finally, Truist Financial boosted 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 given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $337.67.

Cummins Stock Up 2.3 %

CMI stock opened at $369.13 on Friday. The stock’s fifty day simple moving average is $334.37 and its two-hundred day simple moving average is $303.79. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 1-year low of $220.02 and a 1-year high of $370.64. The stock has a market cap of $50.64 billion, a P/E ratio of 24.38, a P/E/G ratio of 1.77 and a beta of 0.97.

Cummins (NYSE:CMI) last posted 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. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the previous year, the firm earned $4.73 earnings per share. The business’s revenue was up .3% on a year-over-year basis. Analysts expect that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.97%. Cummins’s payout ratio is presently 48.08%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,001 shares of the business’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $358.43, for a total value of $717,218.43. Following the sale, the vice president now directly owns 20,803 shares in the company, valued at $7,456,419.29. The trade was a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 4,326 shares of company stock worth $1,559,125 over the last ninety days. 0.56% of the stock is currently owned by company insiders.

Cummins Company 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.