Platform Technology Partners Invests $209,000 in Cummins Inc. (NYSE:CMI)

Platform Technology Partners acquired a new position in Cummins Inc. (NYSE:CMIFree Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 815 shares of the company’s stock, valued at approximately $209,000.

A number of other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of Cummins by 13.1% in the third quarter. Vanguard Group Inc. now owns 17,761,317 shares of the company’s stock worth $4,057,750,000 after buying an additional 2,055,239 shares in the last quarter. Fisher Asset Management LLC raised its position in Cummins by 4.3% during the fourth quarter. Fisher Asset Management LLC now owns 2,590,894 shares of the company’s stock valued at $620,701,000 after purchasing an additional 106,017 shares during the period. Morgan Stanley raised its position in Cummins by 2.7% during the third quarter. Morgan Stanley now owns 1,898,796 shares of the company’s stock valued at $433,799,000 after purchasing an additional 50,476 shares during the period. Northern Trust Corp raised its position in Cummins by 4.0% during the third quarter. Northern Trust Corp now owns 1,815,729 shares of the company’s stock valued at $414,821,000 after purchasing an additional 69,830 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in Cummins by 6.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,673,737 shares of the company’s stock valued at $400,990,000 after purchasing an additional 96,387 shares during the period. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on CMI shares. Truist Financial reaffirmed a “hold” rating and set a $319.00 target price on shares of Cummins in a research note on Wednesday, May 15th. Robert W. Baird dropped their price objective on Cummins from $298.00 to $295.00 and set a “neutral” rating on the stock in a research note on Friday, May 3rd. The Goldman Sachs Group increased their price objective on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Citigroup increased their price objective on Cummins from $265.00 to $285.00 and gave the stock a “buy” rating in a research note on Monday, February 12th. Finally, Evercore ISI increased their target price on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research report on Tuesday, February 20th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $284.36.

Read Our Latest Stock Report on CMI

Cummins Stock Down 0.9 %

Shares of Cummins stock traded down $2.35 during trading on Friday, reaching $271.87. The company’s stock had a trading volume of 770,359 shares, compared to its average volume of 828,388. The company has a quick ratio of 0.84, a current ratio of 1.34 and a debt-to-equity ratio of 0.57. The company has a market cap of $37.19 billion, a price-to-earnings ratio of 19.89, a P/E/G ratio of 1.71 and a beta of 1.02. Cummins Inc. has a 1-year low of $212.80 and a 1-year high of $304.24. The company has a 50-day simple moving average of $288.59 and a two-hundred day simple moving average of $263.65.

Cummins (NYSE:CMIGet Free Report) last posted its quarterly earnings data on Thursday, May 2nd. The company reported $5.10 earnings per share for the quarter, missing analysts’ consensus estimates 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 return on equity of 25.38% and a net margin of 5.70%. As a group, equities analysts forecast that Cummins Inc. will post 18.84 earnings per share for the current year.

Cummins Announces Dividend

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

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total transaction of $1,113,016.80. Following the completion of the sale, the vice president now owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, VP Marvin Boakye purchased 1,745 shares of the stock in a transaction on Monday, May 20th. The stock was bought at an average price of $286.04 per share, with a total value of $499,139.80. Following the transaction, the vice president now owns 1,745 shares in the company, valued at approximately $499,139.80. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 3,880 shares of Cummins stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $286.86, for a total value of $1,113,016.80. Following the sale, the vice president now directly owns 20,873 shares of the company’s stock, valued at approximately $5,987,628.78. The disclosure for this sale 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.

Further Reading

Institutional Ownership by Quarter for Cummins (NYSE:CMI)

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