Mizuho Securities USA LLC Buys 71,028 Shares of Cummins Inc. (NYSE:CMI)

Mizuho Securities USA LLC lifted its position in Cummins Inc. (NYSE:CMI - Free Report) by 673.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 81,573 shares of the company's stock after acquiring an additional 71,028 shares during the period. Mizuho Securities USA LLC owned about 0.06% of Cummins worth $26,413,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Empowered Funds LLC lifted its stake in Cummins by 15.3% in the 3rd quarter. Empowered Funds LLC now owns 24,617 shares of the company's stock worth $7,971,000 after acquiring an additional 3,265 shares in the last quarter. Empirical Finance LLC increased its holdings in shares of Cummins by 1.8% in the 3rd quarter. Empirical Finance LLC now owns 4,838 shares of the company's stock valued at $1,566,000 after purchasing an additional 84 shares during the period. CIBC Asset Management Inc lifted its position in shares of Cummins by 7.3% in the third quarter. CIBC Asset Management Inc now owns 23,340 shares of the company's stock worth $7,557,000 after purchasing an additional 1,582 shares in the last quarter. Balboa Wealth Partners acquired a new stake in shares of Cummins during the third quarter worth approximately $337,000. Finally, OneDigital Investment Advisors LLC grew its position in Cummins by 6.8% during the third quarter. OneDigital Investment Advisors LLC now owns 8,057 shares of the company's stock valued at $2,609,000 after purchasing an additional 511 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Insider Activity

In other news, SVP Tony Satterthwaite sold 24,250 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 23.85 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 2,163 shares of the firm's stock in a transaction on Wednesday, November 13th. The stock was sold at an average price of $362.49, for a total value of $784,065.87. Following the completion of the transaction, the vice president now directly owns 20,803 shares of the company's stock, valued at approximately $7,540,879.47. This trade represents a 9.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 28,576 shares of company stock valued at $9,033,945. Insiders own 0.56% of the company's stock.

Cummins Stock Performance

Shares of Cummins stock traded down $1.88 during trading on Friday, reaching $361.85. The company's stock had a trading volume of 536,110 shares, compared to its average volume of 1,481,105. Cummins Inc. has a one year low of $220.02 and a one year 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. The firm has a market cap of $49.64 billion, a price-to-earnings ratio of 23.90, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97. The business's fifty day moving average price is $328.91 and its 200-day moving average price is $301.51.

Cummins (NYSE:CMI - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 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 company's quarterly revenue was up .3% compared to the same quarter last year. During the same period in the previous year, the company earned $4.73 earnings per share. As a group, equities research analysts predict that Cummins Inc. will post 20.61 earnings per share for the current year.

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be given a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.01%. Cummins's dividend payout ratio is 48.08%.

Analyst Ratings Changes

Several research firms have recently commented on CMI. Truist Financial boosted their price target on shares of Cummins from $349.00 to $371.00 and gave the company a "hold" rating in a report on Wednesday, October 9th. Citigroup upped their target price on Cummins from $345.00 to $375.00 and gave the stock a "buy" rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their price target on Cummins from $285.00 to $340.00 and gave the company an "underweight" rating in a research note on Friday, October 11th. Evercore ISI raised shares of Cummins from an "in-line" rating to an "outperform" rating and raised their price objective for the company from $294.00 to $408.00 in a research report on Wednesday. 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 note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $334.33.

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.