Cummins Inc. (NYSE:CMI) Stock Position Lifted by Marshfield Associates

Marshfield Associates increased its holdings in Cummins Inc. (NYSE:CMI - Free Report) by 0.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,044,654 shares of the company's stock after acquiring an additional 2,156 shares during the quarter. Cummins comprises approximately 7.2% of Marshfield Associates' portfolio, making the stock its 5th biggest position. Marshfield Associates owned 0.76% of Cummins worth $338,248,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Cultivar Capital Inc. purchased a new stake in Cummins in the second quarter worth $28,000. Prospera Private Wealth LLC bought a new position in Cummins in the third quarter worth $32,000. CarsonAllaria Wealth Management Ltd. bought a new position in Cummins in the second quarter worth $28,000. Kathleen S. Wright Associates Inc. bought a new position in Cummins in the third quarter worth $34,000. Finally, Gradient Investments LLC raised its holdings in Cummins by 290.0% in the second quarter. Gradient Investments LLC now owns 156 shares of the company's stock worth $43,000 after purchasing an additional 116 shares in the last quarter. Hedge funds and other institutional investors own 83.46% of the company's stock.

Insiders Place Their Bets

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm's stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $357.04, for a total value of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last three months, insiders have sold 6,489 shares of company stock valued at $2,357,531. Insiders own 0.56% of the company's stock.

Cummins Stock Performance

Shares of Cummins stock traded down $5.55 during trading on Tuesday, hitting $377.87. 641,313 shares of the company's stock traded hands, compared to its average volume of 1,419,781. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a 1 year low of $226.52 and a 1 year high of $387.90. The stock has a market capitalization of $51.84 billion, a P/E ratio of 24.95, a PEG ratio of 1.84 and a beta of 0.99. The business has a 50-day simple moving average of $349.67 and a 200-day simple moving average of $311.38.

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

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd were given a $1.82 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.93%. Cummins's payout ratio is 48.08%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on CMI shares. Truist Financial increased their price objective on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. upgraded Cummins from an "underweight" rating to a "neutral" rating and increased their price objective for the stock from $355.00 to $420.00 in a report on Monday. Vertical Research downgraded Cummins from a "buy" rating to a "hold" rating and set a $350.00 price objective for the company. in a report on Wednesday, November 6th. Jefferies Financial Group increased their price objective on Cummins from $410.00 to $435.00 and gave the stock a "buy" rating in a report on Friday. Finally, Evercore ISI upgraded Cummins from an "in-line" rating to an "outperform" rating and increased their price objective for the stock from $294.00 to $408.00 in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $352.85.

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.