Columbus Macro LLC Has $10.74 Million Stock Holdings in Cummins Inc. $CMI

Columbus Macro LLC lifted its stake in shares of Cummins Inc. (NYSE:CMI) by 3.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,965 shares of the company’s stock after acquiring an additional 747 shares during the quarter. Cummins makes up 1.1% of Columbus Macro LLC’s holdings, making the stock its 23rd biggest holding. Columbus Macro LLC’s holdings in Cummins were worth $10,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Thompson Investment Management Inc. acquired a new stake in Cummins during the 4th quarter valued at approximately $26,000. Activest Wealth Management lifted its position in shares of Cummins by 537.5% in the 4th quarter. Activest Wealth Management now owns 51 shares of the company’s stock worth $26,000 after purchasing an additional 43 shares during the period. Wellington Shields Capital Management LLC acquired a new position in shares of Cummins in the 4th quarter worth approximately $27,000. Kemnay Advisory Services Inc. bought a new stake in shares of Cummins in the 4th quarter valued at $28,000. Finally, Birchwood Financial Partners Inc. bought a new stake in shares of Cummins in the 4th quarter valued at $28,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of analyst reports. Argus lifted their target price on shares of Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a research note on Monday, June 1st. JPMorgan Chase & Co. increased their price target on Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a report on Wednesday, May 6th. Truist Financial set a $815.00 price objective on Cummins in a research note on Wednesday, May 6th. Zacks Research upgraded Cummins from a “hold” rating to a “strong-buy” rating in a research report on Thursday, May 7th. Finally, Evercore reaffirmed an “outperform” rating and set a $845.00 target price on shares of Cummins in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $731.86.

Cummins Stock Up 4.6%

Cummins stock opened at $727.12 on Friday. The company has a market capitalization of $100.33 billion, a PE ratio of 37.73, a PEG ratio of 1.70 and a beta of 1.23. Cummins Inc. has a 12-month low of $319.37 and a 12-month high of $737.76. The firm’s fifty day moving average is $670.68 and its 200 day moving average is $597.08. The company has a quick ratio of 1.11, a current ratio of 1.71 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Tuesday, May 5th. The company reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same period last year, the company posted $5.96 earnings per share. The business’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, sell-side analysts predict that Cummins Inc. will post 29.31 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Friday, May 22nd were given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is presently 41.52%.

Insiders Place Their Bets

In related news, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the transaction, the vice president directly owned 8,316 shares of the company’s stock, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Nathan R. Stoner sold 607 shares of the stock in a transaction that occurred on Monday, May 11th. The stock was sold at an average price of $694.06, for a total value of $421,294.42. Following the completion of the transaction, the vice president owned 9,447 shares in the company, valued at approximately $6,556,784.82. The trade was a 6.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 13,579 shares of company stock worth $9,377,684 over the last three months. Insiders own 0.30% of the company’s stock.

About Cummins

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.