Rhumbline Advisers Has $95.15 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Rhumbline Advisers lessened its holdings in Cummins Inc. (NYSE:CMI) by 1.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 272,962 shares of the company’s stock after selling 5,319 shares during the quarter. Rhumbline Advisers’ holdings in Cummins were worth $95,154,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CMI. Exchange Traded Concepts LLC raised its position in Cummins by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 408 shares of the company’s stock worth $132,000 after purchasing an additional 227 shares in the last quarter. Creative Planning raised its position in Cummins by 0.3% in the third quarter. Creative Planning now owns 60,996 shares of the company’s stock worth $19,750,000 after purchasing an additional 203 shares in the last quarter. Global Retirement Partners LLC increased its holdings in shares of Cummins by 7.2% during the third quarter. Global Retirement Partners LLC now owns 3,093 shares of the company’s stock worth $1,001,000 after buying an additional 209 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Cummins by 3.4% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 14,316 shares of the company’s stock worth $4,635,000 after buying an additional 474 shares in the last quarter. Finally, V Square Quantitative Management LLC increased its holdings in shares of Cummins by 16.6% during the third quarter. V Square Quantitative Management LLC now owns 3,300 shares of the company’s stock worth $1,069,000 after buying an additional 469 shares in the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on CMI shares. Vertical Research lowered shares of 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. Bank of America raised shares of Cummins from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $354.00 to $358.00 in a report on Tuesday, January 14th. Truist Financial raised their price objective on shares of Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a report on Thursday, January 16th. The Goldman Sachs Group raised their price objective on shares of Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Finally, Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and raised their price target for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $383.08.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 2,163 shares of Cummins 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 transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,678,803.36. This trade represents a 9.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.56% of the company’s stock.

Cummins Price Performance

Shares of CMI stock opened at $373.71 on Friday. Cummins Inc. has a 52-week low of $259.06 and a 52-week high of $387.90. The stock has a market cap of $51.27 billion, a PE ratio of 13.27, a PEG ratio of 2.10 and a beta of 1.00. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.79 and a current ratio of 1.31. The firm’s 50 day moving average price is $361.09 and its two-hundred day moving average price is $338.71.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. Cummins had a net margin of 11.57% and a return on equity of 27.12%. The firm had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. During the same period last year, the firm earned $4.14 earnings per share. The business’s revenue for the quarter was down 1.1% on a year-over-year basis. As a group, analysts forecast that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be given a dividend of $1.82 per share. The ex-dividend date is Friday, February 21st. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.95%. Cummins’s dividend payout ratio is 25.84%.

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.