SevenBridge Financial Group LLC Has $1.60 Million Position in Cummins Inc. (NYSE:CMI)

SevenBridge Financial Group LLC lifted its holdings in Cummins Inc. (NYSE:CMI) by 7.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,449 shares of the company’s stock after acquiring an additional 304 shares during the period. SevenBridge Financial Group LLC’s holdings in Cummins were worth $1,595,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CMI. Shell Asset Management Co. acquired a new position in Cummins in the first quarter valued at approximately $406,000. CreativeOne Wealth LLC acquired a new stake in shares of Cummins during the 1st quarter worth approximately $318,000. Canada Pension Plan Investment Board increased its stake in shares of Cummins by 51.9% in the 1st quarter. Canada Pension Plan Investment Board now owns 100,547 shares of the company’s stock valued at $29,626,000 after acquiring an additional 34,347 shares in the last quarter. LRI Investments LLC acquired a new position in shares of Cummins during the 1st quarter valued at $35,000. Finally, Ascent Group LLC bought a new position in Cummins during the first quarter worth $353,000. 83.46% of the stock is owned by institutional investors and hedge funds.

Cummins Price Performance

CMI opened at $372.62 on Friday. Cummins Inc. has a 1 year low of $222.04 and a 1 year high of $373.35. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. The company has a market capitalization of $51.12 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 1.79 and a beta of 0.97. The firm’s fifty day moving average price is $335.78 and its two-hundred day moving average price is $304.53.

Cummins (NYSE:CMI) last released its quarterly earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.29 billion. During the same period last year, the firm earned $4.73 earnings per share. The firm’s revenue was up .3% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 20.75 earnings per share for the current fiscal year.

Cummins Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on CMI shares. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a research note on Friday, October 11th. Robert W. Baird boosted their target price on Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Barclays increased their price target on Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Citigroup boosted their price objective on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a report on Wednesday. Finally, Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. Two 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 assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $337.67.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the transaction, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. The trade was a 9.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 6,489 shares of company stock valued at $2,357,531 over the last three months. 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.