Inceptionr LLC Invests $673,000 in Cummins Inc. (NYSE:CMI)

Inceptionr LLC purchased a new position in shares of Cummins Inc. (NYSE:CMIFree Report) during the fourth quarter, HoldingsChannel reports. The fund purchased 2,811 shares of the company’s stock, valued at approximately $673,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Cummins by 13.1% during the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. Fisher Asset Management LLC lifted its position in Cummins by 4.3% in the 4th quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after acquiring an additional 106,017 shares in the last quarter. Morgan Stanley lifted its position in Cummins by 2.7% in the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after acquiring an additional 50,476 shares in the last quarter. Northern Trust Corp lifted its position in Cummins by 4.0% in the 3rd quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after acquiring an additional 69,830 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Cummins by 6.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after acquiring an additional 96,387 shares in the last quarter. 83.46% of the stock is owned by institutional investors.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 11,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now directly owns 17,874 shares in the company, valued at approximately $4,685,847.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was bought at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the purchase, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold 55,169 shares of company stock worth $14,689,855 in the last ninety days. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Robert W. Baird cut their price objective on shares of Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $254.00 to $321.00 in a research report on Friday, March 15th. Citigroup boosted their price objective on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12th. Truist Financial boosted their price objective on shares of Cummins from $303.00 to $319.00 and gave the company a “hold” rating in a research report on Friday, May 3rd. Finally, Bank of America lowered shares of Cummins from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $243.00 to $225.00 in a research note on Friday, January 19th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $284.36.

View Our Latest Research Report on Cummins

Cummins Stock Up 1.3 %

CMI stock traded up $3.87 during midday trading on Tuesday, hitting $295.32. The company’s stock had a trading volume of 832,893 shares, compared to its average volume of 2,457,533. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The company’s fifty day moving average price is $287.98 and its 200 day moving average price is $255.96. The stock has a market capitalization of $40.39 billion, a P/E ratio of 21.62, a PEG ratio of 1.87 and a beta of 1.04.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Friday, May 24th will be paid a dividend of $1.68 per share. This represents a $6.72 annualized dividend and a dividend yield of 2.28%. Cummins’s dividend payout ratio is presently 49.19%.

Cummins Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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