Quantinno Capital Management LP Purchases 6,637 Shares of Cummins Inc. (NYSE:CMI)

Quantinno Capital Management LP lifted its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 14.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 52,059 shares of the company's stock after acquiring an additional 6,637 shares during the period. Quantinno Capital Management LP's holdings in Cummins were worth $18,148,000 as of its most recent SEC filing.

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

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CMI shares. Citigroup lifted their price objective on Cummins from $320.00 to $350.00 and gave the company a "buy" rating in a research note on Monday, May 12th. JPMorgan Chase & Co. lifted their price target on Cummins from $308.00 to $320.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Truist Financial reduced their price objective on shares of Cummins from $420.00 to $338.00 and set a "hold" rating for the company in a research note on Tuesday, April 8th. Morgan Stanley upped their target price on shares of Cummins from $340.00 to $350.00 and gave the stock an "overweight" rating in a research note on Tuesday, May 6th. Finally, StockNews.com cut shares of Cummins from a "buy" rating to a "hold" rating in a report on Tuesday, March 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $352.17.

Cummins Stock Performance

NYSE:CMI traded up $1.84 on Monday, hitting $336.32. The stock had a trading volume of 260,213 shares, compared to its average volume of 804,712. The business's 50-day simple moving average is $304.05 and its two-hundred day simple moving average is $341.53. The stock has a market cap of $46.33 billion, a price-to-earnings ratio of 11.95, a price-to-earnings-growth ratio of 2.19 and a beta of 1.02. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $387.90. 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 (NYSE:CMI - Get Free Report) last released its earnings results on Monday, May 5th. The company reported $5.96 earnings per share for the quarter, beating the consensus estimate of $4.92 by $1.04. The company had revenue of $8.17 billion for the quarter, compared to the consensus estimate of $8.22 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins's quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the business earned $5.08 earnings per share. As a group, research analysts predict that Cummins Inc. will post 22.54 earnings per share for the current year.

Cummins Announces Dividend

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

Cummins Company 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.