LMR Partners LLP Raises Stock Position in Cummins Inc. (NYSE:CMI)

LMR Partners LLP grew its position in Cummins Inc. (NYSE:CMI - Free Report) by 194.2% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,021 shares of the company's stock after acquiring an additional 1,994 shares during the period. LMR Partners LLP's holdings in Cummins were worth $1,053,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CMI. Global Trust Asset Management LLC raised its position in Cummins by 59.6% in the fourth quarter. Global Trust Asset Management LLC now owns 75 shares of the company's stock worth $26,000 after acquiring an additional 28 shares in the last quarter. BankPlus Trust Department acquired a new stake in shares of Cummins in the fourth quarter valued at about $26,000. Compass Financial Services Inc purchased a new stake in Cummins during the fourth quarter worth about $27,000. Meeder Asset Management Inc. grew its position in Cummins by 208.0% during the fourth quarter. Meeder Asset Management Inc. now owns 77 shares of the company's stock worth $27,000 after buying an additional 52 shares during the period. Finally, TCTC Holdings LLC acquired a new stake in shares of Cummins during the 4th quarter valued at approximately $28,000. Institutional investors and hedge funds own 83.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. UBS Group cut Cummins from a "buy" rating to a "sell" rating and dropped their price target for the company from $400.00 to $240.00 in a research report on Monday, April 7th. Barclays lifted their target price on shares of Cummins from $310.00 to $381.00 and gave the stock an "equal weight" rating in a research report on Wednesday, February 5th. Truist Financial lowered their price target on shares of Cummins from $420.00 to $338.00 and set a "hold" rating on the stock in a research report on Tuesday, April 8th. Robert W. Baird cut their price objective on Cummins from $407.00 to $315.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Finally, Citigroup increased their target price on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a report on Monday, May 12th. One analyst has rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $352.17.

Insider Buying and Selling

In other news, Director John H. Stone acquired 1,000 shares of the business's stock in a transaction dated Friday, May 16th. The shares were bought at an average cost of $332.08 per share, for a total transaction of $332,080.00. Following the acquisition, the director now directly owns 2,441 shares in the company, valued at $810,607.28. This trade represents a 69.40% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by company insiders.

Cummins Trading Up 0.6%

Shares of CMI stock traded up $2.13 during mid-day trading on Monday, hitting $336.61. 137,556 shares of the company's stock were exchanged, compared to its average volume of 804,246. The stock has a market cap of $46.37 billion, a price-to-earnings ratio of 11.93, a PEG ratio of 2.19 and a beta of 1.02. The company has a quick ratio of 0.80, a current ratio of 1.31 and a debt-to-equity ratio of 0.42. Cummins Inc. has a fifty-two week low of $260.02 and a fifty-two week high of $387.90. The stock has a 50-day simple moving average of $304.05 and a two-hundred day simple moving average of $341.53.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $5.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.92 by $1.04. Cummins had a return on equity of 27.12% and a net margin of 11.57%. The firm had revenue of $8.17 billion for the quarter, compared to analyst estimates of $8.22 billion. During the same period last year, the company earned $5.08 EPS. The firm's quarterly revenue was down 2.7% on a year-over-year basis. Equities analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Friday, May 23rd will be given a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend is Friday, May 23rd. Cummins's dividend payout ratio (DPR) is 36.22%.

Cummins 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.