249,271 Cummins Inc. $CMI Shares Bought by International Assets Investment Management LLC

International Assets Investment Management LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 34,193.6% during the third quarter, HoldingsChannel reports. The firm owned 250,000 shares of the company’s stock after purchasing an additional 249,271 shares during the period. Cummins comprises 1.0% of International Assets Investment Management LLC’s investment portfolio, making the stock its 12th biggest position. International Assets Investment Management LLC’s holdings in Cummins were worth $129,143,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Wellington Management Group LLP grew its stake in shares of Cummins by 243.5% in the second quarter. Wellington Management Group LLP now owns 495,047 shares of the company’s stock worth $353,072,000 after acquiring an additional 350,910 shares during the last quarter. Fulcrum Wealth Advisors LLC increased its position in Cummins by 611.8% during the third quarter. Fulcrum Wealth Advisors LLC now owns 16,264 shares of the company’s stock worth $8,401,000 after acquiring an additional 13,979 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in Cummins by 45.2% during the 3rd quarter. MassMutual Private Wealth & Trust FSB now owns 14,571 shares of the company’s stock valued at $6,981,000 after purchasing an additional 4,538 shares during the last quarter. CWS Financial Advisors LLC raised its stake in Cummins by 973.2% during the 3rd quarter. CWS Financial Advisors LLC now owns 4,733 shares of the company’s stock valued at $2,445,000 after purchasing an additional 4,292 shares during the last quarter. Finally, Fifth Third Wealth Advisors LLC raised its stake in Cummins by 13.1% during the 3rd quarter. Fifth Third Wealth Advisors LLC now owns 20,194 shares of the company’s stock valued at $10,432,000 after purchasing an additional 2,333 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other news, VP Earl Newsome sold 698 shares of Cummins stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president directly owned 4,479 shares in the company, valued at approximately $2,562,973.38. The trade was a 13.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on CMI shares. Citigroup reduced their price target on shares of Cummins from $790.00 to $630.00 and set a “buy” rating for the company in a report on Monday, October 12th. Barclays dropped their price objective on shares of Cummins from $760.00 to $675.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. JPMorgan Chase & Co. cut their price objective on shares of Cummins from $690.00 to $600.00 and set a “neutral” rating for the company in a research report on Wednesday, September 23rd. Truist Financial reduced their target price on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research note on Monday, October 5th. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $700.00 target price on shares of Cummins in a research report on Wednesday, August 5th. Thirteen equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average price target of $694.24.

Cummins Stock Performance

CMI opened at $500.75 on Friday. The stock’s 50 day simple moving average is $536.75 and its 200-day simple moving average is $602.02. The company has a current ratio of 1.73, a quick ratio of 1.13 and a debt-to-equity ratio of 0.48. The stock has a market cap of $68.93 billion, a PE ratio of 25.59, a P/E/G ratio of 1.37 and a beta of 1.24. Cummins Inc. has a 1 year low of $426.79 and a 1 year high of $737.76.

Cummins (NYSE:CMI) last issued 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). The firm had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. Cummins had a return on equity of 25.29% and a net margin of 7.82%. The firm’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period last year, the business earned $6.43 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 29.98 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed 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 1.8%. The ex-dividend date of this dividend is Friday, November 20th. Cummins’s dividend payout ratio (DPR) is presently 44.97%.

Cummins Profile

Cummins Inc is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services engines and power systems for commercial vehicles, industrial equipment, mining, construction, agriculture, marine applications and other markets.

Cummins’ product portfolio includes diesel and natural gas engines, generators and other power-generation equipment, as well as fuel systems, filtration products, emissions-control systems, turbochargers and drivetrain components.