RB Capital Management LLC Buys New Shares in Cummins Inc. (NYSE:CMI)

RB Capital Management LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 654 shares of the company’s stock, valued at approximately $212,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. PFG Investments LLC lifted its stake in Cummins by 27.7% during the third quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after purchasing an additional 485 shares during the last quarter. CWM LLC lifted its stake in Cummins by 17.4% during the third quarter. CWM LLC now owns 12,069 shares of the company’s stock valued at $3,908,000 after purchasing an additional 1,786 shares during the last quarter. Distillate Capital Partners LLC lifted its stake in Cummins by 109,309.3% during the second quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock valued at $16,361,000 after purchasing an additional 59,027 shares during the last quarter. Alpha DNA Investment Management LLC acquired a new stake in Cummins during the third quarter valued at approximately $748,000. Finally, Baader Bank Aktiengesellschaft acquired a new stake in shares of Cummins during the second quarter valued at approximately $856,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Stock Performance

CMI stock opened at $377.87 on Wednesday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $51.84 billion, a price-to-earnings ratio of 24.96, a P/E/G ratio of 1.84 and a beta of 0.99. Cummins Inc. has a 12 month low of $226.52 and a 12 month high of $387.90. The firm has a 50 day moving average of $349.67 and a two-hundred day moving average of $311.38.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 EPS for the quarter, topping the consensus estimate of $4.89 by $0.97. The company 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 company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the previous year, the firm posted $4.73 earnings per share. As a group, equities analysts anticipate that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Announces Dividend

The firm 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. This represents a $7.28 annualized dividend and a yield of 1.93%. The ex-dividend date of this dividend was Friday, November 22nd. Cummins’s dividend payout ratio is 48.08%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CMI. 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 report on Wednesday, November 6th. StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. upgraded shares of Cummins from an “underweight” rating to a “neutral” rating and boosted their price target for the company from $355.00 to $420.00 in a report on Monday. 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. Finally, Jefferies Financial Group boosted their price target on shares of Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a report on Friday, December 6th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $352.85.

Insiders Place Their Bets

In related news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $369.12, for a total transaction of $798,406.56. Following the completion of the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 6,489 shares of company stock valued at $2,357,531 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

About Cummins

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.