Choreo LLC Boosts Holdings in Cummins Inc. (NYSE:CMI)

Choreo LLC raised its holdings in Cummins Inc. (NYSE:CMI) by 175.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,904 shares of the company’s stock after purchasing an additional 2,486 shares during the quarter. Choreo LLC’s holdings in Cummins were worth $935,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of CMI. Vanguard Group Inc. increased its stake in Cummins by 13.1% in the 3rd quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after purchasing an additional 2,055,239 shares in the last quarter. Morgan Stanley grew its stake in shares of Cummins by 2.7% during the 3rd quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after buying an additional 50,476 shares during the period. Northern Trust Corp boosted its holdings in Cummins by 4.0% in the third 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 during the last quarter. Stifel Financial Corp lifted its stake in shares of Cummins by 0.9% in the 3rd quarter. Stifel Financial Corp now owns 1,599,531 shares of the company’s stock valued at $365,430,000 after purchasing an additional 13,634 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Cummins by 28.2% during the third quarter. Principal Financial Group Inc. now owns 1,071,128 shares of the company’s stock worth $244,710,000 after buying an additional 235,372 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Price Performance

Shares of NYSE:CMI opened at $283.85 on Thursday. The stock has a market cap of $38.82 billion, a price-to-earnings ratio of 54.80, a PEG ratio of 2.00 and a beta of 1.04. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.18 and a quick ratio of 0.74. Cummins Inc. has a 12 month low of $203.18 and a 12 month high of $304.24. The stock’s 50 day moving average price is $284.71 and its 200 day moving average price is $251.99.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the previous year, the company posted $4.52 earnings per share. Cummins’s revenue was up 9.9% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were issued a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date was Thursday, February 22nd. Cummins’s payout ratio is 129.73%.

Insider Transactions at Cummins

In other Cummins 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 transaction of $2,883,760.00. Following the completion of the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the completion of the sale, the vice president now owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Tony Satterthwaite sold 37,450 shares of the company’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the transaction, the senior vice president now directly owns 73,741 shares in the company, valued at $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 over the last three months. Company insiders own 0.56% of the company’s stock.

Analyst Upgrades and Downgrades

CMI has been the subject of several analyst reports. Truist Financial initiated coverage on Cummins in a research report on Thursday, March 14th. They issued a “hold” rating and a $303.00 target price for the company. StockNews.com cut shares of Cummins from a “buy” rating to a “hold” rating in a report on Tuesday. Morgan Stanley began coverage on Cummins in a report on Monday, January 8th. They issued an “overweight” rating and a $278.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a report on Monday, March 25th. Finally, Citigroup increased their price target on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research report on Monday, February 12th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $279.70.

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.