Cummins Inc. (NYSE:CMI) Shares Acquired by QV Investors Inc.

QV Investors Inc. boosted its stake in Cummins Inc. (NYSE:CMI) by 0.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 19,695 shares of the company’s stock after buying an additional 110 shares during the period. QV Investors Inc.’s holdings in Cummins were worth $6,377,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in CMI. Foster Victor Wealth Advisors LLC increased its holdings in shares of Cummins by 3.9% in the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 29,125 shares of the company’s stock worth $9,700,000 after acquiring an additional 1,080 shares during the period. First Pacific Financial grew its position in Cummins by 2.0% in the 3rd quarter. First Pacific Financial now owns 4,051 shares of the company’s stock worth $1,312,000 after purchasing an additional 79 shares during the last quarter. Swedbank AB increased its stake in shares of Cummins by 1.5% in the third quarter. Swedbank AB now owns 103,770 shares of the company’s stock valued at $33,600,000 after purchasing an additional 1,553 shares during the period. Occidental Asset Management LLC raised its holdings in shares of Cummins by 3.8% during the third quarter. Occidental Asset Management LLC now owns 13,209 shares of the company’s stock valued at $4,277,000 after buying an additional 478 shares during the last quarter. Finally, Creative Planning boosted its position in shares of Cummins by 0.3% during the third quarter. Creative Planning now owns 60,996 shares of the company’s stock worth $19,750,000 after buying an additional 203 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares in the company, valued at $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Cummins news, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at $6,269,205.55. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction on 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 transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.56% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

CMI has been the topic of several recent analyst reports. Citigroup lifted their target price on Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Robert W. Baird increased their target price on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Raymond James began coverage on shares of Cummins in a research note on Friday, June 28th. They issued a “market perform” rating for the company. Truist Financial raised their price objective on shares of Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Finally, Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $311.55.

Cummins Price Performance

CMI stock opened at $332.68 on Wednesday. Cummins Inc. has a one year low of $212.80 and a one year high of $339.78. The firm has a 50-day moving average of $310.26 and a two-hundred day moving average of $294.01. The firm has a market capitalization of $45.50 billion, a PE ratio of 24.35, a P/E/G ratio of 1.92 and a beta of 0.98. The company has a current ratio of 1.34, a quick ratio of 0.82 and a debt-to-equity ratio of 0.51.

Cummins (NYSE:CMI) last announced its 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 company had revenue of $8.80 billion for the quarter, compared to the consensus estimate of $8.33 billion. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The company’s revenue was up 2.3% on a year-over-year basis. During the same period in the previous year, the business earned $5.18 EPS. On average, analysts forecast that Cummins Inc. will post 19.77 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 2.19%. Cummins’s dividend payout ratio is currently 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.