SGL Investment Advisors Inc. Purchases Shares of 18,745 Cummins Inc. (NYSE:CMI)

SGL Investment Advisors Inc. acquired a new stake in Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 18,745 shares of the company’s stock, valued at approximately $6,069,000. Cummins accounts for about 3.1% of SGL Investment Advisors Inc.’s holdings, making the stock its 5th biggest position.

Other hedge funds have also recently modified their holdings of the company. Pathway Financial Advisers LLC increased its holdings in Cummins by 31,489.1% in the third 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 in the last quarter. International Assets Investment Management LLC grew 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 purchasing an additional 972,247 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in shares of Cummins in the second quarter valued at approximately $68,018,000. Renaissance Technologies LLC acquired a new position in shares of Cummins during the 2nd quarter worth approximately $46,607,000. Finally, Fisher Asset Management LLC lifted its position in shares of Cummins by 5.8% during the 3rd quarter. Fisher Asset Management LLC now owns 3,005,570 shares of the company’s stock valued at $973,174,000 after buying an additional 165,398 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on CMI. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Vertical Research cut shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research note on Wednesday, November 6th. Truist Financial raised their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and upped their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, Jefferies Financial Group increased their price objective on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Cummins currently has an average rating of “Hold” and a consensus target price of $345.15.

Insider Activity

In other news, VP Sharon R. Barner sold 162 shares of the firm’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 sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders have sold 6,489 shares of company stock worth $2,357,531 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

Cummins Price Performance

CMI stock opened at $379.60 on Monday. The business has a 50 day simple moving average of $348.47 and a 200-day simple moving average of $310.67. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $382.86. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $52.07 billion, a P/E ratio of 25.07, a PEG ratio of 1.84 and a beta of 0.99.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates 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 prior year, the firm posted $4.73 EPS. The company’s revenue was up .3% compared to the same quarter last year. As a group, equities analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were issued a $1.82 dividend. The ex-dividend date was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.92%. Cummins’s dividend payout ratio (DPR) is 48.08%.

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.