Temasek Holdings Private Ltd Invests $3.31 Million in Cummins Inc. (NYSE:CMI)

Temasek Holdings Private Ltd bought a new position in Cummins Inc. (NYSE:CMI - Free Report) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 10,235 shares of the company's stock, valued at approximately $3,314,000.

A number of other institutional investors also recently modified their holdings of the stock. CarsonAllaria Wealth Management Ltd. purchased a new stake in shares of Cummins during the 2nd quarter worth about $28,000. Cultivar Capital Inc. acquired a new position in Cummins in the second quarter worth approximately $28,000. Prospera Private Wealth LLC bought a new position in Cummins during the third quarter valued at approximately $32,000. Kathleen S. Wright Associates Inc. acquired a new stake in Cummins in the third quarter valued at approximately $34,000. Finally, Bangor Savings Bank grew its position in Cummins by 39.2% in the second quarter. Bangor Savings Bank now owns 142 shares of the company's stock worth $39,000 after acquiring an additional 40 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Corporate insiders own 0.56% of the company's stock.

Wall Street Analysts Forecast Growth

CMI has been the subject of several analyst reports. Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and lifted their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. The Goldman Sachs Group upped their price target on Cummins from $324.00 to $370.00 and gave the stock a "neutral" rating in a research note on Wednesday, November 6th. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. Citigroup increased their price target on Cummins from $375.00 to $415.00 and gave the company a "buy" rating in a report on Wednesday, November 20th. Finally, StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cummins presently has a consensus rating of "Hold" and an average target price of $345.15.

Cummins Stock Performance

CMI stock traded up $2.28 during trading on Friday, reaching $380.85. 296,817 shares of the stock were exchanged, compared to its average volume of 1,422,661. The stock has a 50 day simple moving average of $347.40 and a 200-day simple moving average of $309.68. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $52.25 billion, a P/E ratio of 25.03, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99. Cummins Inc. has a twelve month low of $226.52 and a twelve month high of $382.86.

Cummins (NYSE:CMI - Get Free Report) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analysts' expectations of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The business's revenue was up .3% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.73 EPS. As a group, sell-side analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd were paid a $1.82 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.91%. Cummins's dividend payout ratio is currently 48.08%.

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.