Global Retirement Partners LLC Invests $1.55 Million in Cummins Inc. $CMI

Global Retirement Partners LLC bought a new stake in Cummins Inc. (NYSE:CMI) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 4,730 shares of the company’s stock, valued at approximately $1,549,000.

Several other institutional investors have also recently bought and sold shares of CMI. Vanguard Group Inc. grew its stake in shares of Cummins by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 17,628,149 shares of the company’s stock worth $5,773,219,000 after acquiring an additional 344,680 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after purchasing an additional 43,720 shares during the last quarter. Northern Trust Corp grew its position in Cummins by 1.2% in the first quarter. Northern Trust Corp now owns 1,905,214 shares of the company’s stock valued at $597,170,000 after purchasing an additional 22,202 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cummins by 0.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,634,580 shares of the company’s stock valued at $512,343,000 after buying an additional 8,487 shares during the last quarter. Finally, Raymond James Financial Inc. increased its stake in Cummins by 152.3% in the 1st quarter. Raymond James Financial Inc. now owns 1,354,052 shares of the company’s stock valued at $424,414,000 after buying an additional 817,384 shares during the last quarter. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Sanford C. Bernstein restated a “market perform” rating and set a $475.00 price objective on shares of Cummins in a research note on Friday, November 7th. UBS Group raised Cummins from a “sell” rating to a “neutral” rating in a research report on Tuesday. Zacks Research lowered Cummins from a “strong-buy” rating to a “hold” rating in a research report on Thursday, November 6th. Citigroup increased their price objective on Cummins from $500.00 to $530.00 and gave the company a “buy” rating in a report on Friday, November 7th. Finally, Evercore ISI reissued an “outperform” rating on shares of Cummins in a research note on Tuesday, August 19th. Twelve research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, Cummins has a consensus rating of “Moderate Buy” and an average price target of $476.75.

Insider Transactions at Cummins

In other Cummins news, CEO Jennifer Rumsey sold 4,570 shares of the firm’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $473.89, for a total transaction of $2,165,677.30. Following the completion of the sale, the chief executive officer directly owned 42,880 shares in the company, valued at $20,320,403.20. This trade represents a 9.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Mark Andrew Smith sold 13,110 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares of the company’s stock, valued at approximately $14,864,384.12. This represents a 29.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 36,410 shares of company stock worth $16,424,574. 0.41% of the stock is owned by insiders.

Cummins Stock Performance

CMI opened at $497.11 on Thursday. The company has a quick ratio of 1.03, a current ratio of 1.64 and a debt-to-equity ratio of 0.53. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $499.87. The business has a 50 day moving average of $439.39 and a 200-day moving average of $385.37. The stock has a market cap of $68.62 billion, a price-to-earnings ratio of 23.37, a PEG ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last posted its earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping analysts’ consensus estimates of $4.83 by $0.76. Cummins had a return on equity of 26.96% and a net margin of 8.72%.The business had revenue of $8.32 billion for the quarter, compared to analyst estimates of $7.97 billion. During the same period in the previous year, the firm earned $5.86 EPS. The firm’s revenue was down 1.6% compared to the same quarter last year. On average, equities research analysts expect that Cummins Inc. will post 22.54 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 4th. Stockholders of record on Friday, November 21st will be given a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.6%. Cummins’s dividend payout ratio is presently 41.52%.

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.