Westfield Capital Management Co. LP Boosts Stake in Cummins Inc. (NYSE:CMI)

Westfield Capital Management Co. LP grew its holdings in shares of Cummins Inc. (NYSE:CMI) by 23.2% in the third quarter, HoldingsChannel.com reports. The fund owned 23,520 shares of the company’s stock after purchasing an additional 4,422 shares during the period. Westfield Capital Management Co. LP’s holdings in Cummins were worth $7,616,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Cultivar Capital Inc. purchased a new position in Cummins in the 2nd quarter worth approximately $28,000. Prospera Private Wealth LLC purchased a new stake in Cummins during the third quarter valued at about $32,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins during the second quarter worth about $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the 2nd quarter worth about $29,000. Finally, LRI Investments LLC bought a new position in shares of Cummins during the 1st quarter valued at about $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Trading Up 1.0 %

CMI opened at $372.62 on Monday. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 52 week low of $222.04 and a 52 week high of $373.35. The stock has a market cap of $51.12 billion, a PE ratio of 24.61, a PEG ratio of 1.79 and a beta of 0.97. The business has a 50 day moving average of $335.78 and a 200-day moving average of $304.64.

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

Cummins Announces Dividend

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 dividend of $1.82 per share. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. Cummins’s payout ratio is 48.08%.

Insider Buying and Selling

In other Cummins news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $357.04, for a total transaction of $57,840.48. Following the completion of the sale, the vice president now directly owns 20,803 shares in the company, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 6,489 shares of company stock worth $2,357,531 in the last 90 days. Insiders own 0.56% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CMI. Vertical Research lowered Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research note on Wednesday, November 6th. Robert W. Baird lifted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Truist Financial boosted their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. The Goldman Sachs Group raised their price objective on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research note on Wednesday, November 6th. Finally, Barclays boosted their target price on Cummins from $259.00 to $310.00 and gave the company an “equal weight” rating in a research note on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $337.67.

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.