CIBC Asset Management Inc Has $6.03 Million Stake in Cummins Inc. (NYSE:CMI)

CIBC Asset Management Inc decreased its position in Cummins Inc. (NYSE:CMI) by 7.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 21,758 shares of the company’s stock after selling 1,794 shares during the period. CIBC Asset Management Inc’s holdings in Cummins were worth $6,025,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of CMI. First United Bank & Trust acquired a new position in Cummins in the fourth quarter valued at $25,000. Private Wealth Management Group LLC bought a new stake in Cummins in the fourth quarter valued at $26,000. CarsonAllaria Wealth Management Ltd. bought a new stake in Cummins in the second quarter valued at $28,000. Cultivar Capital Inc. bought a new stake in Cummins in the second quarter valued at $28,000. Finally, Lynx Investment Advisory bought a new stake in Cummins in the second quarter valued at $29,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CMI. Robert W. Baird lifted their price target on shares of Cummins from $295.00 to $315.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Truist Financial lifted their price target on shares of Cummins from $315.00 to $349.00 and gave the company a “hold” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of Cummins from $275.00 to $285.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. TD Cowen boosted 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. Finally, Raymond James started coverage on shares of Cummins in a research report on Friday, June 28th. They set a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $299.55.

Cummins Stock Down 0.9 %

Cummins stock opened at $301.73 on Thursday. Cummins Inc. has a fifty-two week low of $212.80 and a fifty-two week high of $322.83. The stock has a market cap of $41.27 billion, a PE ratio of 22.09, a price-to-earnings-growth ratio of 1.82 and a beta of 0.99. The firm’s 50-day simple moving average is $291.52 and its 200 day simple moving average is $285.61. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.82 and a current ratio of 1.34.

Cummins (NYSE:CMI) last released its quarterly earnings results on Thursday, August 1st. The company reported $5.26 earnings per share for the quarter, topping the consensus estimate of $4.85 by $0.41. Cummins had a net margin of 5.69% and a return on equity of 25.73%. The business had revenue of $8.80 billion for the quarter, compared to analysts’ expectations of $8.33 billion. During the same period in the previous year, the company earned $5.18 earnings per share. The firm’s revenue for the quarter was up 2.3% compared to the same quarter last year. Research analysts predict that Cummins Inc. will post 19.66 EPS for the current fiscal year.

Cummins Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 5th. Shareholders of record on Friday, August 23rd will be paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.41%. This is a boost from Cummins’s previous quarterly dividend of $1.68. The ex-dividend date is Friday, August 23rd. Cummins’s payout ratio is presently 53.29%.

Insider Buying and Selling at Cummins

In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Cummins news, SVP Tony Satterthwaite sold 24,250 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $308.24, for a total value of $7,474,820.00. Following the transaction, the senior vice president now directly owns 77,442 shares in the company, valued at $23,870,722.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Sharon R. Barner sold 4,780 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $300.35, for a total transaction of $1,435,673.00. Following the completion of the transaction, the vice president now owns 20,873 shares in the company, valued at $6,269,205.55. The disclosure for this sale can be found here. Corporate insiders own 0.56% of the company’s stock.

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.