Dakota Wealth Management Acquires 13,625 Shares of Cummins Inc. (NYSE:CMI)

Dakota Wealth Management raised its stake in shares of Cummins Inc. (NYSE:CMI) by 60.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,175 shares of the company’s stock after buying an additional 13,625 shares during the period. Dakota Wealth Management’s holdings in Cummins were worth $11,713,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. CWM LLC raised its stake in shares of Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after acquiring an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC grew its holdings in Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Cummins in the second quarter valued at approximately $16,329,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Cummins by 13.2% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 186,913 shares of the company’s stock worth $55,073,000 after buying an additional 21,850 shares during the last quarter. Finally, Duality Advisers LP boosted its holdings in shares of Cummins by 190.3% during the 1st quarter. Duality Advisers LP now owns 18,440 shares of the company’s stock worth $5,433,000 after buying an additional 12,087 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

CMI has been the topic of several recent analyst reports. Barclays lifted their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Evercore ISI lifted their price objective on Cummins from $290.00 to $294.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Robert W. Baird increased their target price on Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. lifted their price target on Cummins from $285.00 to $340.00 and gave the stock an “underweight” rating in a research report on Friday, October 11th. Finally, Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Cummins has an average rating of “Hold” and a consensus price target of $311.55.

Insiders Place Their Bets

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

Cummins Stock Performance

CMI opened at $332.41 on Friday. The stock’s 50 day simple moving average is $315.05 and its 200-day simple moving average is $295.57. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51. The stock has a market cap of $45.47 billion, a PE ratio of 24.33, a P/E/G ratio of 1.92 and a beta of 0.98. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $340.82.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.85 by $0.41. The firm 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 revenue for the quarter was up 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $5.18 EPS. Sell-side analysts forecast that Cummins Inc. will post 19.77 EPS for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a yield of 2.19%. The ex-dividend date of this dividend is Friday, November 22nd. Cummins’s dividend payout ratio is 53.29%.

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.