Charles Schwab Investment Management Inc. Has $280.63 Million Holdings in Cummins Inc. (NYSE:CMI)

Charles Schwab Investment Management Inc. boosted its stake in Cummins Inc. (NYSE:CMI) by 0.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 866,715 shares of the company’s stock after buying an additional 6,608 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.63% of Cummins worth $280,634,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the stock. CarsonAllaria Wealth Management Ltd. acquired a new stake in shares of Cummins during the 2nd quarter worth about $28,000. Cultivar Capital Inc. bought a new stake in Cummins during the second quarter worth about $28,000. Lynx Investment Advisory bought a new position in shares of Cummins in the second quarter valued at approximately $29,000. LRI Investments LLC acquired a new position in shares of Cummins in the 1st quarter worth approximately $31,000. Finally, Prospera Private Wealth LLC acquired a new position in shares of Cummins in the 3rd quarter worth approximately $32,000. 83.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on CMI. Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. 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 report on Wednesday, November 6th. Citigroup boosted their target price on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday. Evercore ISI raised shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price target for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Finally, The Goldman Sachs Group upped their price objective on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $337.67.

Insiders Place Their Bets

In other news, VP Sharon R. Barner sold 2,001 shares of the stock in a transaction on Monday, November 11th. The shares were sold at an average price of $358.43, for a total transaction of $717,218.43. Following the completion of the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,456,419.29. This represents a 8.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In the last three months, insiders have sold 6,489 shares of company stock worth $2,357,531. Company insiders own 0.56% of the company’s stock.

Cummins Trading Up 1.5 %

Shares of NYSE CMI opened at $372.66 on Friday. Cummins Inc. has a twelve month low of $222.04 and a twelve month high of $373.35. The stock has a market cap of $51.12 billion, a price-to-earnings ratio of 24.61, a P/E/G ratio of 1.77 and a beta of 0.97. The company has a quick ratio of 0.79, a current ratio of 1.32 and a debt-to-equity ratio of 0.43. The company’s fifty day moving average is $335.78 and its 200-day moving average is $304.41.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.89 by $0.97. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. During the same period in the previous year, the firm earned $4.73 earnings per share. The company’s revenue was up .3% on a year-over-year basis. Equities research analysts predict that Cummins Inc. will post 20.57 EPS for the current year.

Cummins Announces Dividend

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

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.