Oppenheimer & Co. Inc. Purchases 123 Shares of Cummins Inc. (NYSE:CMI)

Oppenheimer & Co. Inc. boosted its holdings in shares of Cummins Inc. (NYSE:CMIFree Report) by 1.0% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 12,605 shares of the company’s stock after purchasing an additional 123 shares during the period. Oppenheimer & Co. Inc.’s holdings in Cummins were worth $3,020,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock valued at $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. Norges Bank acquired a new position in Cummins during the 4th quarter worth approximately $298,867,000. International Assets Investment Management LLC lifted its stake in Cummins by 21,025.8% in the 4th quarter. International Assets Investment Management LLC now owns 735,177 shares of the company’s stock valued at $176,126,000 after purchasing an additional 731,697 shares during the last quarter. iA Global Asset Management Inc. acquired a new position in shares of Cummins during the third quarter worth $71,268,000. Finally, Envestnet Asset Management Inc. lifted its stake in shares of Cummins by 88.9% in the 3rd quarter. Envestnet Asset Management Inc. now owns 584,163 shares of the company’s stock valued at $133,458,000 after acquiring an additional 274,927 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on CMI shares. Robert W. Baird dropped their target price on Cummins from $298.00 to $295.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. TD Cowen lifted their target price on shares of Cummins from $272.00 to $292.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the company from $254.00 to $321.00 in a report on Friday, March 15th. Truist Financial reaffirmed a “hold” rating and set a $319.00 target price on shares of Cummins in a research report on Wednesday, May 15th. Finally, StockNews.com upgraded Cummins from a “hold” rating to a “buy” rating in a research report on Wednesday, May 8th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Cummins currently has a consensus rating of “Hold” and a consensus price target of $284.36.

Get Our Latest Research Report on CMI

Cummins Stock Down 0.9 %

Shares of NYSE:CMI opened at $271.71 on Friday. Cummins Inc. has a 1 year low of $212.80 and a 1 year high of $304.24. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.34 and a quick ratio of 0.84. The business’s 50-day moving average is $288.59 and its 200-day moving average is $263.65. The company has a market capitalization of $37.16 billion, a price-to-earnings ratio of 19.89, a P/E/G ratio of 1.76 and a beta of 1.02.

Cummins (NYSE:CMIGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The company reported $5.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.11 by ($0.01). The business had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.36 billion. Cummins had a net margin of 5.70% and a return on equity of 25.38%. Equities research analysts predict that Cummins Inc. will post 18.6 earnings per share for the current year.

Cummins Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Friday, May 24th were issued a dividend of $1.68 per share. The ex-dividend date was Thursday, May 23rd. This represents a $6.72 annualized dividend and a dividend yield of 2.47%. Cummins’s dividend payout ratio is currently 49.19%.

Insider Transactions at Cummins

In other news, VP Marvin Boakye purchased 1,745 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The shares were acquired at an average cost of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now owns 1,745 shares in the company, valued at $499,139.80. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, VP Sharon R. Barner sold 3,880 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now owns 20,873 shares in the company, valued at approximately $5,987,628.78. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Marvin Boakye purchased 1,745 shares of the business’s stock in a transaction on Monday, May 20th. The shares were bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the purchase, the vice president now directly owns 1,745 shares in the company, valued at approximately $499,139.80. The disclosure for this purchase can be found here. Insiders own 0.56% of the company’s stock.

Cummins Company 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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