Havemeyer Place LP Purchases Shares of 2,301 Cummins Inc. $CMI

Key Points

• Havemeyer Place LP disclosed a new fourth-quarter stake in Cummins, buying 2,301 shares valued at about $1.175 million.
• Institutional ownership in Cummins remains very high at 83.46%, with several other hedge funds also adding large positions in the stock during recent quarters.
• Cummins reported better-than-expected Q1 results, beating EPS estimates and slightly topping revenue forecasts, while analysts have largely stayed positive with a Moderate Buy consensus and a target price around $705.79.

Havemeyer Place LP purchased a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,301 shares of the company's stock, valued at approximately $1,175,000.

Several other hedge funds have also added to or reduced their stakes in CMI. Northwestern Mutual Wealth Management Co. lifted its holdings in Cummins by 10,317.7% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company's stock valued at $1,254,929,000 after purchasing an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new stake in Cummins during the 4th quarter valued at $863,441,000. Boston Partners acquired a new stake in Cummins during the 3rd quarter valued at $473,471,000. London Co. of Virginia acquired a new stake in Cummins during the 3rd quarter valued at $231,732,000. Finally, Nordea Investment Management AB lifted 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 purchasing an additional 278,350 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on CMI. Wells Fargo & Company raised their price target on Cummins from $693.00 to $794.00 and gave the company an "overweight" rating in a report on Wednesday, May 6th. Weiss Ratings downgraded Cummins from a "buy (b)" rating to a "buy (b-)" rating in a report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price target on Cummins from $600.00 to $725.00 and gave the company a "neutral" rating in a report on Wednesday, May 6th. Robert W. Baird set a $700.00 target price on Cummins in a report on Wednesday, May 6th. Finally, Wall Street Zen downgraded Cummins from a "strong-buy" rating to a "buy" rating in a report on Sunday, March 8th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $705.79.

Cummins News Roundup

Here are the key news stories impacting Cummins this week:

• Positive Sentiment: Zacks Research lifted its earnings estimates for Cummins across several upcoming quarters and full years, including FY2027 and FY2028, reinforcing a more bullish profit outlook.
• Positive Sentiment: The analyst firm maintained a Strong-Buy rating, suggesting confidence that Cummins can continue outperforming expectations.
• Positive Sentiment: Recent commentary on Cummins’ raised revenue guidance adds to the case that business trends remain favorable. Why Is Cummins Raising Revenue Guidance Amid NYSE Composite Focus?
• Neutral Sentiment: A separate note questioned whether the stock can rebound after its last earnings report, but it did not introduce new fundamental concerns. Cummins (CMI) Down 4.7% Since Last Earnings Report: Can It Rebound?

Insiders Place Their Bets

In related news, CAO Nicole Lamb-Hale sold 2,408 shares of the business's stock in a transaction dated Friday, May 8th. The stock was sold at an average price of $685.34, for a total value of $1,650,298.72. Following the completion of the transaction, the chief accounting officer 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. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Brett Michael Merritt sold 701 shares of the business's stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the transaction, the insider directly owned 10,404 shares of the company's stock, valued at approximately $7,165,755. This trade represents a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock valued at $9,377,684 over the last 90 days. 0.30% of the stock is owned by company insiders.

Cummins Stock Up 0.0%

CMI opened at $651.38 on Monday. Cummins Inc. has a fifty-two week low of $307.90 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 company has a market capitalization of $89.88 billion, a P/E ratio of 33.80, a P/E/G ratio of 1.59 and a beta of 1.23. The stock has a fifty day moving average of $635.72 and a 200-day moving average of $577.44.

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, topping analysts' consensus estimates of $5.63 by $0.52. Cummins had a return on equity of 25.25% and a net margin of 7.89%.The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.37 billion. During the same quarter last year, the firm earned $5.96 earnings per share. The company's revenue was up 2.7% on a year-over-year basis. On average, equities analysts expect that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins's dividend payout ratio (DPR) is currently 41.52%.

Cummins 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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