Alpha DNA Investment Management LLC Invests $748,000 in Cummins Inc. (NYSE:CMI)

Alpha DNA Investment Management LLC acquired a new stake in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,310 shares of the company’s stock, valued at approximately $748,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. PFG Investments LLC boosted its position in shares of Cummins by 27.7% during the 3rd quarter. PFG Investments LLC now owns 2,238 shares of the company’s stock valued at $725,000 after acquiring an additional 485 shares during the last quarter. CWM LLC grew its stake in Cummins by 17.4% in the 3rd quarter. CWM LLC now owns 12,069 shares of the company’s stock worth $3,908,000 after buying an additional 1,786 shares in the last quarter. Distillate Capital Partners LLC increased its holdings in shares of Cummins by 109,309.3% in the 2nd quarter. Distillate Capital Partners LLC now owns 59,081 shares of the company’s stock worth $16,361,000 after buying an additional 59,027 shares during the last quarter. Manning & Napier Advisors LLC purchased a new stake in shares of Cummins during the 2nd quarter valued at $16,329,000. Finally, Cetera Advisors LLC lifted its holdings in shares of Cummins by 162.9% during the 1st quarter. Cetera Advisors LLC now owns 22,870 shares of the company’s stock worth $6,739,000 after acquiring an additional 14,170 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Cummins Stock Performance

Cummins stock opened at $372.62 on Friday. Cummins Inc. has a 1-year low of $222.04 and a 1-year high of $373.35. The firm has a market cap of $51.12 billion, a P/E ratio of 24.61, a P/E/G ratio of 1.79 and a beta of 0.97. 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 firm has a 50-day moving average of $335.78 and a 200-day moving average of $304.53.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share for the quarter, topping the consensus estimate of $4.89 by $0.97. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.29 billion. Cummins had a return on equity of 26.86% and a net margin of 6.13%. The business’s revenue was up .3% on a year-over-year basis. During the same quarter last year, the business posted $4.73 EPS. Sell-side analysts expect that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The business also recently disclosed 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. The ex-dividend date is Friday, November 22nd. This represents a $7.28 annualized dividend and a yield of 1.95%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Vertical Research downgraded Cummins from a “buy” rating to a “hold” rating and set a $350.00 price target on the stock. in a research report on Wednesday, November 6th. JPMorgan Chase & Co. raised their price objective on Cummins from $285.00 to $340.00 and gave the company an “underweight” rating in a report on Friday, October 11th. Robert W. Baird upped their target price on Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 6th. Truist Financial lifted their price target on shares of Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. 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 stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $337.67.

Insider Transactions at Cummins

In other Cummins news, VP Sharon R. Barner sold 2,163 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total transaction of $798,406.56. Following the transaction, the vice president now owns 20,803 shares in the company, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last ninety days, insiders sold 6,489 shares of company stock valued at $2,357,531. Company 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.