Wellington Management Group LLP Purchases 1,462 Shares of Cummins Inc. (NYSE:CMI)

Wellington Management Group LLP increased its position in Cummins Inc. (NYSE:CMI - Free Report) by 51.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,289 shares of the company's stock after buying an additional 1,462 shares during the quarter. Wellington Management Group LLP's holdings in Cummins were worth $1,389,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. &PARTNERS grew its position in shares of Cummins by 70.1% in the 2nd quarter. &PARTNERS now owns 1,492 shares of the company's stock worth $416,000 after buying an additional 615 shares during the last quarter. Catalina Capital Group LLC boosted its holdings in Cummins by 8.6% in the second quarter. Catalina Capital Group LLC now owns 1,070 shares of the company's stock valued at $296,000 after acquiring an additional 85 shares in the last quarter. Premier Path Wealth Partners LLC purchased a new position in Cummins during the 2nd quarter valued at $339,000. Retirement Systems of Alabama raised its holdings in Cummins by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 30,172 shares of the company's stock worth $8,356,000 after purchasing an additional 92 shares in the last quarter. Finally, Family Firm Inc. purchased a new stake in shares of Cummins in the 2nd quarter worth about $88,000. Hedge funds and other institutional investors own 83.46% of the company's stock.

Cummins Stock Performance

Shares of CMI stock traded up $1.68 during trading hours on Friday, reaching $351.38. The company had a trading volume of 2,167,319 shares, compared to its average volume of 1,403,369. 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 business has a fifty day moving average price of $355.22 and a 200-day moving average price of $315.61. Cummins Inc. has a one year low of $226.52 and a one year high of $387.90. The firm has a market cap of $48.20 billion, a PE ratio of 23.21, a price-to-earnings-growth ratio of 1.80 and a beta of 0.99.

Cummins (NYSE:CMI - Get Free Report) last posted its 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 business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm's revenue was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.73 EPS. Sell-side analysts predict that Cummins Inc. will post 20.75 earnings per share for the current fiscal 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 issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.07%. The ex-dividend date was Friday, November 22nd. Cummins's dividend payout ratio is 48.08%.

Insider Buying and Selling at Cummins

In related news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction on Friday, November 8th. The stock was sold at an average price of $357.04, for a total transaction of $57,840.48. Following the transaction, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 6,489 shares of company stock worth $2,357,531 in the last three months. 0.56% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CMI shares. StockNews.com raised shares of Cummins from a "buy" rating to a "strong-buy" rating in a research note on Wednesday, November 6th. The Goldman Sachs Group lifted their price target on Cummins from $324.00 to $370.00 and gave the company a "neutral" rating in a research report on Wednesday, November 6th. 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. Citigroup boosted their target price on shares of Cummins from $415.00 to $435.00 and gave the company a "buy" rating in a report on Monday, December 9th. Finally, Truist Financial increased their price target on shares of Cummins from $369.00 to $424.00 and gave the stock a "hold" rating in a research note on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $356.92.

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.