Fortem Financial Group LLC Lowers Stake in Cummins Inc. (NYSE:CMI)

Fortem Financial Group LLC cut its stake in Cummins Inc. (NYSE:CMI) by 2.0% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,111 shares of the company’s stock after selling 64 shares during the period. Fortem Financial Group LLC’s holdings in Cummins were worth $1,084,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Victory Capital Management Inc. lifted its stake in shares of Cummins by 12.2% in the 2nd quarter. Victory Capital Management Inc. now owns 173,662 shares of the company’s stock valued at $48,092,000 after acquiring an additional 18,883 shares during the last quarter. Savant Capital LLC raised its stake in Cummins by 12.0% during the second quarter. Savant Capital LLC now owns 12,089 shares of the company’s stock valued at $3,348,000 after buying an additional 1,296 shares during the last quarter. Chicago Capital LLC bought a new stake in Cummins in the second quarter worth $902,000. Umpqua Bank grew its stake in shares of Cummins by 6.9% in the second quarter. Umpqua Bank now owns 4,645 shares of the company’s stock worth $1,286,000 after acquiring an additional 300 shares during the last quarter. Finally, Chris Bulman Inc bought a new position in shares of Cummins during the second quarter valued at $276,000. Institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Shares of Cummins stock traded up $3.12 on Monday, hitting $357.47. 378,937 shares of the company traded hands, compared to its average volume of 499,520. Cummins Inc. has a 52 week low of $226.52 and a 52 week high of $387.90. The business has a 50-day simple moving average of $359.17 and a 200 day simple moving average of $322.30. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The stock has a market capitalization of $49.04 billion, a P/E ratio of 23.61, a price-to-earnings-growth ratio of 1.80 and a beta of 1.01.

Cummins (NYSE:CMI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business’s quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.73 EPS. Research analysts expect that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, December 5th. Investors of record on Friday, November 22nd were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio is presently 48.08%.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 over the last 90 days. 0.56% of the stock is owned by corporate insiders.

Analyst Ratings Changes

CMI has been the topic of a number of research reports. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research note on Wednesday, November 6th. Jefferies Financial Group raised their target price on Cummins from $410.00 to $435.00 and gave the stock a “buy” rating in a research report on Friday, December 6th. The Goldman Sachs Group increased their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their target price for the company from $355.00 to $420.00 in a research report on Monday, December 9th. Finally, Truist Financial upped their target price on shares of Cummins from $369.00 to $424.00 and gave the company a “hold” rating in a report on Thursday, December 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $356.92.

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.