Van ECK Associates Corp Has $8.30 Million Stake in Cummins Inc. (NYSE:CMI)

Van ECK Associates Corp raised its stake in shares of Cummins Inc. (NYSE:CMI - Free Report) by 11.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,158 shares of the company's stock after buying an additional 2,494 shares during the period. Van ECK Associates Corp's holdings in Cummins were worth $8,301,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Price T Rowe Associates Inc. MD lifted its position in shares of Cummins by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,948,413 shares of the company's stock worth $2,342,001,000 after purchasing an additional 604,735 shares during the last quarter. Pathway Financial Advisers LLC increased its stake in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company's stock valued at $819,794,000 after acquiring an additional 2,523,854 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Cummins by 1.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,696,538 shares of the company's stock valued at $469,869,000 after acquiring an additional 26,977 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Cummins by 1.9% in the second quarter. Legal & General Group Plc now owns 1,691,775 shares of the company's stock valued at $468,503,000 after buying an additional 31,190 shares in the last quarter. Finally, Marshfield Associates raised its stake in shares of Cummins by 0.3% in the second quarter. Marshfield Associates now owns 1,042,498 shares of the company's stock worth $288,699,000 after acquiring an additional 3,076 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company's stock.

Analysts Set New Price Targets

CMI has been the topic of several research reports. StockNews.com raised Cummins from a "buy" rating to a "strong-buy" rating in a report on Wednesday. Evercore ISI boosted their price objective on Cummins from $290.00 to $294.00 and gave the stock an "in-line" rating in a report on Monday, August 19th. Robert W. Baird raised their price objective on shares of Cummins from $330.00 to $372.00 and gave the company a "neutral" rating in a research note on Wednesday. Citigroup upped their target price on shares of Cummins from $345.00 to $375.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. Finally, Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the stock a "hold" rating in a research note on Wednesday, October 9th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $324.83.

Insider Buying and Selling at Cummins

In other news, SVP Tony Satterthwaite sold 24,250 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total value of $7,474,820.00. Following the completion of the sale, the senior vice president now owns 77,442 shares of the company's stock, valued at approximately $23,870,722.08. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, SVP Tony Satterthwaite sold 24,250 shares of the firm's stock in a transaction dated 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 sale, the senior vice president now directly owns 77,442 shares in the company, valued at approximately $23,870,722.08. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Sharon R. Barner sold 4,780 shares of Cummins stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $300.35, for a total value of $1,435,673.00. Following the transaction, the vice president now owns 20,873 shares of the company's stock, valued at $6,269,205.55. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company's stock.

Cummins Price Performance

CMI remained flat at $356.01 during trading on Thursday. 292,689 shares of the company traded hands, compared to its average volume of 1,502,800. The stock has a 50 day moving average of $321.21 and a 200-day moving average of $298.27. The stock has a market capitalization of $48.79 billion, a P/E ratio of 25.88, a PEG ratio of 1.86 and a beta of 0.97. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.34 and a quick ratio of 0.82. Cummins Inc. has a 1-year low of $214.57 and a 1-year high of $370.21.

Cummins (NYSE:CMI - Get Free Report) last released its earnings results 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 25.73% and a net margin of 5.69%. The firm had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.29 billion. During the same quarter in the previous year, the business posted $4.73 EPS. The business's quarterly revenue was up .3% compared to the same quarter last year. Sell-side analysts forecast that Cummins Inc. will post 19.96 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be given a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 2.04%. Cummins's dividend payout ratio (DPR) is presently 52.49%.

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.