Mcdonald Partners LLC Takes $617,000 Position in Cummins Inc. (NYSE:CMI)

Mcdonald Partners LLC purchased a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,770 shares of the company’s stock, valued at approximately $617,000.

Several other institutional investors have also made changes to their positions in CMI. Exchange Traded Concepts LLC lifted its holdings in shares of Cummins by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 408 shares of the company’s stock valued at $132,000 after buying an additional 227 shares during the last quarter. Creative Planning raised its stake in shares of Cummins by 0.3% in the 3rd quarter. Creative Planning now owns 60,996 shares of the company’s stock valued at $19,750,000 after acquiring an additional 203 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Cummins by 22.1% in the 3rd quarter. Blue Trust Inc. now owns 1,530 shares of the company’s stock valued at $495,000 after acquiring an additional 277 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Cummins by 4.8% in the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 932 shares of the company’s stock valued at $302,000 after acquiring an additional 43 shares in the last quarter. Finally, Foundations Investment Advisors LLC raised its stake in shares of Cummins by 1,197.5% in the 3rd quarter. Foundations Investment Advisors LLC now owns 18,904 shares of the company’s stock valued at $6,121,000 after acquiring an additional 17,447 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Cummins Stock Performance

CMI opened at $379.21 on Wednesday. The stock has a market cap of $52.02 billion, a PE ratio of 13.46, a P/E/G ratio of 2.10 and a beta of 1.00. The company has a current ratio of 1.31, a quick ratio of 0.79 and a debt-to-equity ratio of 0.42. Cummins Inc. has a 1 year low of $259.06 and a 1 year high of $387.90. The stock’s 50 day simple moving average is $360.92 and its 200-day simple moving average is $340.50.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, February 4th. The company reported $5.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.70 by $0.46. The business had revenue of $8.45 billion for the quarter, compared to analysts’ expectations of $8.06 billion. Cummins had a return on equity of 27.12% and a net margin of 11.57%. Cummins’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $4.14 earnings per share. Sell-side analysts forecast that Cummins Inc. will post 22.57 EPS for the current year.

Cummins Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 6th. Stockholders of record on Friday, February 21st will be given a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Friday, February 21st. Cummins’s dividend payout ratio is presently 25.84%.

Analyst Ratings Changes

CMI has been the topic of a number of recent analyst reports. Citigroup cut their price objective on Cummins from $435.00 to $430.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. JPMorgan Chase & Co. raised Cummins from an “underweight” rating to a “neutral” rating and raised their price objective for the company from $355.00 to $420.00 in a research note on Monday, December 9th. Evercore ISI raised Cummins from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $294.00 to $408.00 in a research note on Wednesday, November 13th. Jefferies Financial Group raised their price objective on Cummins from $410.00 to $435.00 and gave the company a “buy” rating in a research note on Friday, December 6th. Finally, Truist Financial lifted their price target on Cummins from $424.00 to $425.00 and gave the stock a “hold” rating in a research report on Thursday, January 16th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $383.08.

Insider Activity

In related news, VP Sharon R. Barner sold 2,163 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now owns 20,803 shares of the company’s stock, valued at $7,678,803.36. The trade was a 9.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.56% of the stock is currently owned by company 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.