Cerity Partners LLC Has $37.41 Million Position in Cummins Inc. (NYSE:CMI)

Cerity Partners LLC raised its stake in shares of Cummins Inc. (NYSE:CMI) by 13.4% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 115,542 shares of the company’s stock after buying an additional 13,660 shares during the quarter. Cerity Partners LLC owned about 0.08% of Cummins worth $37,411,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Cultivar Capital Inc. acquired a new position in shares of Cummins during the 2nd quarter worth about $28,000. Prospera Private Wealth LLC acquired a new position in shares of Cummins during the 3rd quarter worth about $32,000. CarsonAllaria Wealth Management Ltd. bought a new position in shares of Cummins during the 2nd quarter valued at about $28,000. Lynx Investment Advisory bought a new position in shares of Cummins during the 2nd quarter valued at about $29,000. Finally, LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter valued at about $31,000. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Trading Up 1.5 %

NYSE CMI opened at $372.62 on Friday. Cummins Inc. has a 52 week low of $222.04 and a 52 week high of $373.35. The stock has a market capitalization of $51.12 billion, a price-to-earnings ratio of 24.61, a PEG ratio of 1.79 and a beta of 0.97. 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 stock’s 50 day moving average price is $335.78 and its two-hundred day moving average price is $304.53.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The company had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.29 billion. During the same quarter in the prior year, the business posted $4.73 EPS. The business’s revenue was up .3% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.95%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio is currently 48.08%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CMI. Truist Financial lifted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a report on Wednesday, October 9th. Vertical Research cut Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a report on Wednesday, November 6th. The Goldman Sachs Group lifted their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a report on Wednesday, November 6th. StockNews.com upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $337.67.

Insider Transactions at Cummins

In other news, VP Sharon R. Barner sold 162 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now owns 20,803 shares in the company, valued at $7,427,503.12. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 in the last 90 days. Corporate insiders own 0.56% of the company’s stock.

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.