Cannon Global Investment Management LLC Purchases Shares of 1,500 Cummins Inc. (NYSE:CMI)

Cannon Global Investment Management LLC purchased a new stake in Cummins Inc. (NYSE:CMI) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 1,500 shares of the company’s stock, valued at approximately $359,000. Cummins comprises 2.7% of Cannon Global Investment Management LLC’s holdings, making the stock its 18th biggest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Fidelis Capital Partners LLC raised its stake in Cummins by 5.1% in the fourth quarter. Fidelis Capital Partners LLC now owns 1,119 shares of the company’s stock valued at $268,000 after buying an additional 54 shares during the last quarter. Xponance Inc. raised its stake in shares of Cummins by 1.1% in the fourth quarter. Xponance Inc. now owns 18,982 shares of the company’s stock worth $4,548,000 after purchasing an additional 202 shares during the last quarter. AIA Group Ltd purchased a new position in shares of Cummins in the fourth quarter worth about $926,000. Federated Hermes Inc. raised its stake in shares of Cummins by 2.2% in the fourth quarter. Federated Hermes Inc. now owns 9,594 shares of the company’s stock worth $2,298,000 after purchasing an additional 208 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt raised its stake in shares of Cummins by 0.3% in the fourth quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 30,940 shares of the company’s stock worth $7,412,000 after purchasing an additional 106 shares during the last quarter. 83.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Cummins

In other news, Director Daniel William Fisher purchased 562 shares of the stock in a transaction dated Tuesday, February 27th. The shares were purchased at an average cost of $266.57 per share, with a total value of $149,812.34. Following the completion of the purchase, the director now directly owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, SVP Tony Satterthwaite sold 37,450 shares of Cummins stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $265.05, for a total transaction of $9,926,122.50. Following the transaction, the senior vice president now owns 73,741 shares in the company, valued at $19,545,052.05. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Daniel William Fisher acquired 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the transaction, the director now owns 1,068 shares of the company’s stock, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold 51,289 shares of company stock valued at $13,576,838 over the last ninety days. Insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

CMI has been the subject of several research analyst reports. Evercore ISI raised their price objective on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a research note on Tuesday, February 20th. StockNews.com cut Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. TheStreet cut Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. TD Cowen raised their price objective on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Finally, Truist Financial started coverage on Cummins in a research note on Thursday, March 14th. They issued a “hold” rating and a $303.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Cummins has an average rating of “Hold” and an average target price of $279.70.

Cummins Price Performance

CMI traded down $1.00 during trading on Friday, hitting $290.42. The company’s stock had a trading volume of 278,498 shares, compared to its average volume of 2,784,241. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The business’s fifty day simple moving average is $279.54 and its 200 day simple moving average is $247.93. The firm has a market capitalization of $39.72 billion, a price-to-earnings ratio of 56.07, a P/E/G ratio of 1.99 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings data on Tuesday, February 6th. The company reported $4.14 EPS for the quarter, missing the consensus estimate of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business had revenue of $8.54 billion during the quarter, compared to analyst estimates of $8.10 billion. During the same period in the previous year, the business posted $4.52 earnings per share. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. On average, equities research analysts forecast that Cummins Inc. will post 18.24 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were paid a $1.68 dividend. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Thursday, February 22nd. Cummins’s dividend payout ratio is presently 129.73%.

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.