Cummins Inc. $CMI Stake Lifted by KG Capital Management

KG Capital Management boosted its holdings in Cummins Inc. (NYSE:CMI) by 93.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 7,238 shares of the company’s stock after purchasing an additional 3,493 shares during the period. Cummins comprises 2.4% of KG Capital Management’s portfolio, making the stock its 9th largest position. KG Capital Management’s holdings in Cummins were worth $3,739,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of CMI. Mather Group LLC. grew its position in shares of Cummins by 702.9% during the third quarter. Mather Group LLC. now owns 26,631 shares of the company’s stock worth $13,757,000 after buying an additional 23,314 shares in the last quarter. Hudock Inc. raised its holdings in Cummins by 182.9% in the third quarter. Hudock Inc. now owns 2,470 shares of the company’s stock valued at $1,276,000 after acquiring an additional 1,597 shares in the last quarter. First Pacific Financial boosted its stake in Cummins by 2.7% during the 3rd quarter. First Pacific Financial now owns 2,469 shares of the company’s stock valued at $1,246,000 after acquiring an additional 66 shares during the last quarter. Strategy Asset Managers LLC bought a new position in Cummins during the 3rd quarter valued at $691,000. Finally, Tempus Wealth Planning LLC lifted its position in shares of Cummins by 28.2% during the third quarter. Tempus Wealth Planning LLC now owns 582 shares of the company’s stock worth $301,000 after purchasing an additional 128 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insiders Place Their Bets

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total value of $399,409.56. Following the completion of the transaction, the vice president owned 4,479 shares in the company, valued at $2,562,973.38. This represents a 13.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.30% of the stock is owned by insiders.

Cummins Trading Down 0.7%

Shares of NYSE:CMI opened at $525.39 on Thursday. The company has a quick ratio of 1.13, a current ratio of 1.73 and a debt-to-equity ratio of 0.48. The company’s 50-day moving average price is $560.36 and its 200 day moving average price is $620.42. The company has a market cap of $72.33 billion, a PE ratio of 26.85, a P/E/G ratio of 1.39 and a beta of 1.24. Cummins Inc. has a fifty-two week low of $405.82 and a fifty-two week high of $737.76.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, August 4th. The company reported $6.73 EPS for the quarter, missing the consensus estimate of $7.21 by ($0.48). Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same quarter last year, the company posted $6.43 EPS. Cummins’s revenue for the quarter was up 9.4% on a year-over-year basis. Sell-side analysts anticipate that Cummins Inc. will post 30.10 earnings per share for the current year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Stockholders of record on Friday, November 20th will be issued a dividend of $2.20 per share. This represents a $8.80 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is 44.97%.

Wall Street Analyst Weigh In

Several analysts have issued reports on CMI shares. Zacks Research cut Cummins from a “strong-buy” rating to a “hold” rating in a research note on Monday, July 13th. CICC Research assumed coverage on Cummins in a research report on Sunday, August 23rd. They issued an “outperform” rating and a $781.00 target price for the company. Weiss Ratings lowered Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research report on Monday, August 31st. Truist Financial lowered their price target on Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a report on Monday, October 5th. Finally, Citigroup dropped their price target on Cummins from $790.00 to $630.00 and set a “buy” rating on the stock in a research report on Monday. Thirteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Cummins has an average rating of “Moderate Buy” and a consensus price target of $708.18.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.