Cummins Inc. (NYSE:CMI) Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc grew its holdings in shares of Cummins Inc. (NYSE:CMI - Free Report) by 7.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 23,340 shares of the company's stock after acquiring an additional 1,582 shares during the period. CIBC Asset Management Inc's holdings in Cummins were worth $7,557,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of CMI. PFG Investments LLC boosted its position in shares of Cummins by 27.7% during 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 holdings in shares of 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 buying an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC raised its position 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 valued at $16,361,000 after buying an additional 59,027 shares in the last quarter. Manning & Napier Advisors LLC bought a new position in shares of Cummins in the 2nd quarter valued at about $16,329,000. Finally, Cetera Advisors LLC grew its position in Cummins by 162.9% in the first quarter. Cetera Advisors LLC now owns 22,870 shares of the company's stock worth $6,739,000 after acquiring an additional 14,170 shares in the last quarter. Institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

CMI stock traded up $2.17 during trading on Monday, reaching $364.02. The company had a trading volume of 476,085 shares, compared to its average volume of 1,476,599. The firm has a 50-day simple moving average of $328.91 and a 200-day simple moving average of $301.77. The company has a market cap of $49.94 billion, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. Cummins Inc. has a twelve month low of $220.02 and a twelve month high of $370.21. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI - Get Free Report) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.89 by $0.97. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm's quarterly revenue was up .3% on a year-over-year basis. During the same quarter last year, the business posted $4.73 EPS. As a group, sell-side analysts expect that Cummins Inc. will post 20.57 earnings per share for the current year.

Cummins Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 2.00%. Cummins's dividend payout ratio (DPR) is presently 48.08%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CMI shares. Vertical Research cut Cummins from a "buy" rating to a "hold" rating and set a $350.00 target price for the company. in a report on Wednesday, November 6th. Barclays boosted their price objective on shares of Cummins from $259.00 to $310.00 and gave the company an "equal weight" rating in a research report on Monday, August 5th. JPMorgan Chase & Co. raised their target price on shares of Cummins from $285.00 to $340.00 and gave the stock an "underweight" rating in a research report on Friday, October 11th. StockNews.com upgraded Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday, November 6th. Finally, Truist Financial lifted their target price on Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a research report on Wednesday, October 9th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $334.33.

Insider Buying and Selling at Cummins

In related news, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The trade was a 23.85 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Sharon R. Barner sold 162 shares of the firm's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the sale, the vice president now owns 20,803 shares in the company, valued at approximately $7,427,503.12. This represents a 0.77 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,576 shares of company stock valued at $9,033,945. 0.56% of the stock is owned by insiders.

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.