Russell Investments Group Ltd. Increases Stake in Cummins Inc. (NYSE:CMI)

Russell Investments Group Ltd. lifted its position in Cummins Inc. (NYSE:CMI) by 43.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,267 shares of the company’s stock after acquiring an additional 52,720 shares during the quarter. Russell Investments Group Ltd. owned 0.12% of Cummins worth $41,516,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CMI. Commonwealth Equity Services LLC increased its holdings in Cummins by 3.3% during the third quarter. Commonwealth Equity Services LLC now owns 73,439 shares of the company’s stock valued at $16,778,000 after buying an additional 2,377 shares during the period. Edmp Inc. increased its holdings in shares of Cummins by 32.6% in the 3rd quarter. Edmp Inc. now owns 5,514 shares of the company’s stock valued at $1,260,000 after acquiring an additional 1,355 shares during the period. Cambridge Investment Research Advisors Inc. increased its holdings in shares of Cummins by 4.7% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 33,204 shares of the company’s stock valued at $7,586,000 after acquiring an additional 1,501 shares during the period. Kingswood Wealth Advisors LLC bought a new position in shares of Cummins in the 3rd quarter worth $732,000. Finally, Ledge Wealth Management Inc. lifted its stake in shares of Cummins by 12.2% during the 3rd quarter. Ledge Wealth Management Inc. now owns 8,988 shares of the company’s stock worth $2,053,000 after purchasing an additional 975 shares during the last quarter. 83.46% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

CMI has been the subject of a number of recent research reports. Evercore ISI boosted their target price on shares of Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. JPMorgan Chase & Co. boosted their price objective on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a research report on Tuesday. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $254.00 to $321.00 in a report on Friday, March 15th. Finally, Truist Financial started coverage on Cummins in a research report on Thursday, March 14th. They set a “hold” rating and a $303.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Cummins currently has an average rating of “Hold” and an average price target of $279.70.

Cummins Price Performance

NYSE CMI opened at $293.65 on Tuesday. The company has a market cap of $40.16 billion, a price-to-earnings ratio of 56.69, a PEG ratio of 1.98 and a beta of 1.04. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. The stock’s fifty day moving average price is $283.88 and its 200 day moving average price is $251.38. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The firm had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the prior year, the company posted $4.52 earnings per share. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, equities research analysts forecast that Cummins Inc. will post 18.34 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Shareholders of record on Friday, February 23rd were paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Insider Activity

In related news, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares of the company’s stock, valued at $19,545,052.05. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the transaction, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the sale, the senior vice president now directly owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 in the last ninety days. Insiders own 0.56% of the company’s stock.

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.