BNP Paribas Increases Position in Cummins Inc. (NYSE:CMI)

BNP Paribas increased its stake in shares of Cummins Inc. (NYSE:CMI) by 5.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 982 shares of the company’s stock after buying an additional 50 shares during the quarter. BNP Paribas’ holdings in Cummins were worth $318,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. PFG Investments LLC boosted its holdings in Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC boosted its holdings in Cummins by 17.4% in the third quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC boosted its holdings in Cummins by 109,309.3% in 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 purchased a new stake in Cummins in the second quarter valued at $16,329,000. Finally, Cetera Advisors LLC boosted its holdings in Cummins by 162.9% in the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock valued at $6,739,000 after purchasing an additional 14,170 shares during the last quarter. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Stock Down 1.7 %

CMI opened at $370.79 on Thursday. Cummins Inc. has a twelve month low of $222.75 and a twelve month high of $379.66. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $340.19 and a 200 day moving average price of $306.22. The company has a market cap of $50.86 billion, a PE ratio of 24.49, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. Cummins’s quarterly revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.73 EPS. Sell-side analysts expect that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a yield of 1.96%. Cummins’s payout ratio is 48.08%.

Analyst Ratings Changes

Several equities research analysts have commented on CMI shares. JPMorgan Chase & Co. upped their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Truist Financial increased their target price 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. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group increased their target price 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. Finally, Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $337.67.

Insider Buying and Selling at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of the firm’s stock in a transaction that occurred on Wednesday, November 13th. The shares were sold at an average price of $362.49, for a total transaction of $784,065.87. Following the completion of the sale, the vice president now owns 20,803 shares in the company, valued at $7,540,879.47. This trade represents a 9.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last quarter, insiders sold 6,489 shares of company stock worth $2,357,531. Insiders own 0.56% of the company’s stock.

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.