Geode Capital Management LLC Has $1.14 Billion Stock Holdings in Cummins Inc. $CMI

Geode Capital Management LLC raised its stake in Cummins Inc. (NYSE:CMI) by 1.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 3,499,240 shares of the company’s stock after acquiring an additional 43,720 shares during the quarter. Geode Capital Management LLC’s holdings in Cummins were worth $1,141,138,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Accredited Wealth Management LLC bought a new stake in Cummins in the 1st quarter valued at about $31,000. Richardson Financial Services Inc. acquired a new stake in Cummins in the first quarter valued at approximately $39,000. Costello Asset Management INC bought a new stake in shares of Cummins during the first quarter valued at approximately $40,000. Wealth Preservation Advisors LLC bought a new stake in shares of Cummins during the first quarter valued at approximately $41,000. Finally, CNB Bank acquired a new position in shares of Cummins during the second quarter worth approximately $43,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on CMI. Truist Financial lifted their price target on shares of Cummins from $434.00 to $522.00 and gave the company a “hold” rating in a research report on Friday, November 7th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Cummins in a research note on Wednesday, November 5th. Wells Fargo & Company began coverage on shares of Cummins in a research report on Thursday. They set an “overweight” rating and a $599.00 target price for the company. Sanford C. Bernstein restated a “market perform” rating and issued a $475.00 target price on shares of Cummins in a report on Friday, November 7th. Finally, JPMorgan Chase & Co. raised their price target on shares of Cummins from $400.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, October 14th. Ten equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $445.93.

Cummins Stock Performance

Shares of CMI stock opened at $467.79 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.64 and a quick ratio of 1.03. The firm has a 50-day moving average of $427.20 and a 200-day moving average of $373.79. Cummins Inc. has a one year low of $260.02 and a one year high of $484.84. The company has a market cap of $64.45 billion, a P/E ratio of 21.99, a P/E/G ratio of 2.05 and a beta of 1.07.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, November 6th. The company reported $5.59 earnings per share for the quarter, topping the consensus estimate of $4.83 by $0.76. Cummins had a net margin of 8.72% and a return on equity of 26.96%. The business had revenue of $8.32 billion for the quarter, compared to analysts’ expectations of $7.97 billion. During the same period in the previous year, the company earned $5.86 earnings per share. The firm’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, November 21st will be issued a $2.00 dividend. The ex-dividend date of this dividend is Friday, November 21st. This represents a $8.00 annualized dividend and a dividend yield of 1.7%. Cummins’s dividend payout ratio is currently 41.52%.

Insiders Place Their Bets

In other news, Director Karen H. Quintos sold 1,307 shares of the firm’s stock in a transaction on Tuesday, August 19th. The stock was sold at an average price of $405.33, for a total transaction of $529,766.31. Following the completion of the sale, the director directly owned 5,227 shares of the company’s stock, valued at $2,118,659.91. This trade represents a 20.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Mark Andrew Smith sold 13,110 shares of Cummins stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $470.66, for a total value of $6,170,352.60. Following the sale, the chief financial officer owned 31,582 shares in the company, valued at $14,864,384.12. The trade was a 29.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 38,127 shares of company stock valued at $16,993,030. Insiders own 0.41% 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.