Metis Global Partners LLC Has $2.69 Million Stock Holdings in Cummins Inc. (NYSE:CMI)

Metis Global Partners LLC raised its position in shares of Cummins Inc. (NYSE:CMI) by 17.3% in the third quarter, HoldingsChannel reports. The fund owned 8,302 shares of the company’s stock after acquiring an additional 1,223 shares during the period. Metis Global Partners LLC’s holdings in Cummins were worth $2,688,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Koshinski Asset Management Inc. grew its stake in Cummins by 59.5% during the first quarter. Koshinski Asset Management Inc. now owns 1,496 shares of the company’s stock worth $441,000 after buying an additional 558 shares in the last quarter. Kingsview Wealth Management LLC increased its stake in Cummins by 45.8% in the first quarter. Kingsview Wealth Management LLC now owns 3,462 shares of the company’s stock valued at $1,020,000 after acquiring an additional 1,087 shares during the last quarter. Blair William & Co. IL raised its position in Cummins by 58.9% during the first quarter. Blair William & Co. IL now owns 23,724 shares of the company’s stock valued at $6,990,000 after purchasing an additional 8,793 shares in the last quarter. Banco Santander S.A. lifted its stake in Cummins by 2.0% during the first quarter. Banco Santander S.A. now owns 3,841 shares of the company’s stock worth $1,132,000 after purchasing an additional 77 shares during the last quarter. Finally, First Foundation Advisors acquired a new stake in shares of Cummins in the 1st quarter valued at $150,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Down 0.7 %

Shares of CMI opened at $363.81 on Friday. The company has a market capitalization of $49.91 billion, a PE ratio of 24.03, a PEG ratio of 1.79 and a beta of 0.97. The stock’s 50-day moving average price is $326.20 and its two-hundred day moving average price is $300.60. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. Cummins Inc. has a 12 month low of $220.02 and a 12 month high of $370.21.

Cummins (NYSE:CMI) last issued its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the previous year, the company posted $4.73 earnings per share. On average, analysts anticipate that Cummins Inc. will post 20.61 EPS for the current year.

Cummins Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 2.00%. The ex-dividend date is Friday, November 22nd. Cummins’s payout ratio is 48.08%.

Insider Buying and Selling at Cummins

In other Cummins news, VP Sharon R. Barner sold 162 shares of the business’s stock in a transaction on 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 owns 20,803 shares in the company, valued at approximately $7,427,503.12. The trade was a 0.77 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Tony Satterthwaite sold 24,250 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $308.24, for a total transaction of $7,474,820.00. Following the transaction, the senior vice president now owns 77,442 shares in the company, valued at approximately $23,870,722.08. The trade was a 23.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 26,413 shares of company stock valued at $8,249,879. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of a number of research analyst reports. Truist Financial boosted their price target on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Barclays increased their target price on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Citigroup lifted their price target on shares of Cummins from $345.00 to $375.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price on the stock. in a research report on Wednesday, November 6th. Finally, Robert W. Baird boosted their target price on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $334.33.

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.