Cummins Inc. (NYSE:CMI) Shares Bought by Freedom Investment Management Inc.

Freedom Investment Management Inc. lifted its holdings in Cummins Inc. (NYSE:CMI) by 405.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,663 shares of the company’s stock after acquiring an additional 2,938 shares during the quarter. Freedom Investment Management Inc.’s holdings in Cummins were worth $1,186,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Pathway Financial Advisers LLC grew its position in Cummins by 31,489.1% in the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Cummins by 38,765.8% during the third quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after purchasing an additional 972,247 shares during the period. Jupiter Asset Management Ltd. acquired a new position in shares of Cummins in the 2nd quarter valued at $68,018,000. SG Americas Securities LLC increased its stake in Cummins by 1,012.0% in the 2nd quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares in the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Cummins during the 2nd quarter worth about $46,607,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Price Performance

Shares of CMI opened at $370.79 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32. The firm has a market cap of $50.86 billion, a PE ratio of 24.49, a PEG ratio of 1.82 and a beta of 0.97. Cummins Inc. has a twelve month low of $222.75 and a twelve month high of $379.66. The firm’s 50 day moving average price is $340.19 and its 200 day moving average price is $306.22.

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

Cummins Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.96%. Cummins’s dividend payout ratio (DPR) is currently 48.08%.

Analyst Upgrades and Downgrades

Several research analysts have commented on CMI shares. Truist Financial raised their target price on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Monday, August 5th. 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 note on Wednesday, November 6th. StockNews.com raised Cummins from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 6th. Finally, Citigroup upped their price target on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $337.67.

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 transaction, the vice president now owns 20,803 shares of the company’s stock, valued at $7,427,503.12. The trade was a 0.77 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 6,489 shares of company stock worth $2,357,531 over the last 90 days. Insiders own 0.56% of the company’s stock.

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.