Neo Ivy Capital Management Takes Position in Cummins Inc. (NYSE:CMI)

Neo Ivy Capital Management bought a new stake in shares of Cummins Inc. (NYSE:CMI - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund bought 12,094 shares of the company's stock, valued at approximately $3,916,000. Cummins accounts for 1.3% of Neo Ivy Capital Management's investment portfolio, making the stock its 6th biggest position.

A number of other hedge funds also recently modified their holdings of the business. PFG Investments LLC increased its stake in shares of Cummins by 27.7% in the third quarter. PFG Investments LLC now owns 2,238 shares of the company's stock worth $725,000 after acquiring an additional 485 shares during the last quarter. CWM LLC increased its position in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company's stock worth $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC raised its stake in shares of Cummins by 109,309.3% during the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company's stock worth $16,361,000 after purchasing an additional 59,027 shares in the last quarter. Alpha DNA Investment Management LLC acquired a new stake in shares of Cummins during the 3rd quarter valued at about $748,000. Finally, Baader Bank Aktiengesellschaft bought a new stake in shares of Cummins in the 2nd quarter valued at approximately $856,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on CMI shares. StockNews.com upgraded shares of Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. Jefferies Financial Group increased their target price on shares of Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a research report on Friday, December 6th. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. Robert W. Baird upped their target price on Cummins from $330.00 to $372.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 6th. Finally, Vertical Research lowered shares of Cummins from a "buy" rating to a "hold" rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $352.85.

Insider Activity at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the completion of the sale, the vice president now owns 20,803 shares of the company's stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last ninety days. 0.56% of the stock is owned by insiders.

Cummins Price Performance

NYSE:CMI traded down $3.59 during mid-day trading on Wednesday, hitting $374.13. The company's stock had a trading volume of 371,812 shares, compared to its average volume of 1,415,361. 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 $51.32 billion, a price-to-earnings ratio of 24.85, a P/E/G ratio of 1.84 and a beta of 0.99. Cummins Inc. has a fifty-two week low of $226.52 and a fifty-two week high of $387.90. The stock has a fifty day moving average of $350.70 and a 200-day moving average of $312.03.

Cummins (NYSE:CMI - Get Free Report) last posted its earnings results 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%. Cummins's quarterly revenue was up .3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.73 earnings per share. As a group, equities analysts forecast that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced 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 was Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.95%. Cummins's dividend payout ratio (DPR) is presently 48.08%.

Cummins 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.