Quantinno Capital Management LP Has $14.71 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Quantinno Capital Management LP lifted its stake in Cummins Inc. (NYSE:CMI) by 3.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 45,422 shares of the company’s stock after acquiring an additional 1,618 shares during the quarter. Quantinno Capital Management LP’s holdings in Cummins were worth $14,707,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Pathway Financial Advisers LLC increased its position in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC increased its position in Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after buying an additional 972,247 shares during the last quarter. Jupiter Asset Management Ltd. acquired a new position in Cummins during the second quarter worth $68,018,000. SG Americas Securities LLC increased its position in 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 last quarter. Finally, Renaissance Technologies LLC acquired a new position in Cummins during the second quarter worth $46,607,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CMI. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the company from $294.00 to $408.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. raised their price target on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research report on Friday, October 11th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Truist Financial raised their price target on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Finally, The Goldman Sachs Group raised their price target on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $337.67.

Cummins Stock Up 0.7 %

CMI stock opened at $378.31 on Thursday. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $379.66. The company has a market cap of $51.90 billion, a PE ratio of 24.99, a price-to-earnings-growth ratio of 1.83 and a beta of 0.99. The business’s 50-day simple moving average is $346.31 and its 200 day simple moving average is $309.20. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion for 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%. The company’s quarterly revenue was up .3% on a year-over-year basis. During the same period in the previous year, the business earned $4.73 earnings per share. On average, research analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed 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 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,540,879.47. The trade was a 9.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last ninety days, insiders have sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is currently owned by corporate insiders.

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.