15,416 Shares in Cummins Inc. $CMI Acquired by Kepler Cheuvreux Suisse SA

Key Points

• Kepler Cheuvreux Suisse SA opened a new position in Cummins, buying 15,416 shares in the fourth quarter worth about $7.87 million.
• Cummins posted better-than-expected quarterly results, with EPS of $6.15 versus estimates of $5.63 and revenue of $8.40 billion, while revenue rose 2.7% year over year.
• Analysts remain broadly positive on the stock, with a Moderate Buy consensus and a target price of $649.47, while several firms recently raised their price targets as high as $815.

Kepler Cheuvreux Suisse SA bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 15,416 shares of the company's stock, valued at approximately $7,869,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Boston Partners purchased a new stake in Cummins in the 3rd quarter worth approximately $473,471,000. London Co. of Virginia purchased a new stake in Cummins during the 3rd quarter valued at approximately $231,732,000. Bank of New York Mellon Corp grew its holdings in Cummins by 50.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company's stock valued at $612,715,000 after buying an additional 488,430 shares in the last quarter. Nordea Investment Management AB grew its holdings in Cummins by 103.8% during the 4th quarter. Nordea Investment Management AB now owns 546,540 shares of the company's stock valued at $280,397,000 after buying an additional 278,350 shares in the last quarter. Finally, Merewether Investment Management LP purchased a new stake in Cummins during the 3rd quarter valued at approximately $91,147,000. 83.46% of the stock is owned by hedge funds and other institutional investors.

Cummins Trading Down 0.0%

CMI stock opened at $679.25 on Monday. The firm has a fifty day moving average price of $586.92 and a 200 day moving average price of $543.54. Cummins Inc. has a fifty-two week low of $305.13 and a fifty-two week high of $718.08. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. The firm has a market cap of $93.73 billion, a PE ratio of 35.25, a price-to-earnings-growth ratio of 1.71 and a beta of 1.27.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating analysts' consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. During the same period last year, the firm posted $5.96 earnings per share. Cummins's revenue for the quarter was up 2.7% compared to the same quarter last year. Sell-side analysts anticipate that Cummins Inc. will post 28.39 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were issued a $2.00 dividend. The ex-dividend date of this dividend was Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins's dividend payout ratio (DPR) is 41.52%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Sanford C. Bernstein set a $600.00 price objective on shares of Cummins and gave the company a "market perform" rating in a report on Friday, February 6th. Robert W. Baird set a $700.00 price objective on shares of Cummins in a report on Wednesday. Wells Fargo & Company raised their price objective on Cummins from $693.00 to $794.00 and gave the company an "overweight" rating in a research report on Wednesday, May 6th. Citigroup lifted their target price on Cummins from $710.00 to $770.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Truist Financial set a $815.00 target price on Cummins in a report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $649.47.

Insider Transactions at Cummins

In related news, VP Amy Rochelle Davis sold 4,054 shares of the firm's stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares of the company's stock, valued at approximately $8,873,101.38. This trade represents a 20.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Nicole Lamb-Hale sold 2,408 shares of Cummins stock in a transaction on Friday, May 8th. The stock was sold at an average price of $685.34, for a total transaction of $1,650,298.72. Following the transaction, the chief accounting officer directly owned 14,084 shares of the company's stock, valued at $9,652,328.56. The trade was a 14.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 33,603 shares of company stock valued at $20,047,788 in the last 90 days. Company insiders own 0.30% of the company's stock.

Cummins Company Profile

Cummins Inc NYSE: CMI is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world's leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company's product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.

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