Westfield Capital Management Co. LP Buys 4,422 Shares of Cummins Inc. (NYSE:CMI)

Westfield Capital Management Co. LP grew its stake in Cummins Inc. (NYSE:CMI) by 23.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,520 shares of the company’s stock after purchasing an additional 4,422 shares during the period. Westfield Capital Management Co. LP’s holdings in Cummins were worth $7,616,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in CMI. SevenBridge Financial Group LLC grew its stake in shares of Cummins by 7.3% during the third quarter. SevenBridge Financial Group LLC now owns 4,449 shares of the company’s stock worth $1,595,000 after buying an additional 304 shares during the last quarter. Alpha DNA Investment Management LLC bought a new stake in Cummins during the 3rd quarter worth $748,000. Larson Financial Group LLC increased its holdings in Cummins by 11.6% in the 3rd quarter. Larson Financial Group LLC now owns 2,723 shares of the company’s stock worth $882,000 after purchasing an additional 282 shares in the last quarter. Swedbank AB boosted its stake in shares of Cummins by 1.5% during the third quarter. Swedbank AB now owns 103,770 shares of the company’s stock valued at $33,600,000 after purchasing an additional 1,553 shares in the last quarter. Finally, Kingsview Wealth Management LLC increased its stake in shares of Cummins by 4.0% in the third quarter. Kingsview Wealth Management LLC now owns 14,102 shares of the company’s stock valued at $4,566,000 after buying an additional 545 shares during the period. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

Shares of Cummins stock opened at $372.62 on Monday. The firm has a market capitalization of $51.12 billion, a P/E ratio of 24.61, a price-to-earnings-growth ratio of 1.79 and a beta of 0.97. Cummins Inc. has a 12 month low of $222.04 and a 12 month high of $373.35. The company has a current ratio of 1.32, a quick ratio of 0.79 and a debt-to-equity ratio of 0.43. The business’s fifty day simple moving average is $335.78 and its 200 day simple moving average is $304.64.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a net margin of 6.13% and a return on equity of 26.86%. The firm had revenue of $8.46 billion during the quarter, compared to the consensus estimate of $8.29 billion. During the same period in the prior year, the firm earned $4.73 EPS. The company’s revenue was up .3% compared to the same quarter last year. As a group, analysts anticipate that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.95%. Cummins’s payout ratio is 48.08%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. The Goldman Sachs Group upped their target price on Cummins from $324.00 to $370.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. Vertical Research downgraded 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. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Robert W. Baird increased their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Evercore ISI upgraded Cummins from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $294.00 to $408.00 in a report on Wednesday, November 13th. Two investment 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 MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $337.67.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of Cummins stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the completion of the transaction, the vice president now directly 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders sold 6,489 shares of company stock valued at $2,357,531. 0.56% of the stock is owned by insiders.

About Cummins

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.