Erste Asset Management GmbH Makes New $11.90 Million Investment in Cummins Inc. (NYSE:CMI)

Erste Asset Management GmbH bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 36,455 shares of the company’s stock, valued at approximately $11,899,000.

A number of other hedge funds also recently made changes to their positions in CMI. Cultivar Capital Inc. purchased a new stake in Cummins during the second quarter worth about $28,000. Prospera Private Wealth LLC purchased a new stake in shares of Cummins during the 3rd quarter worth approximately $32,000. CarsonAllaria Wealth Management Ltd. bought a new stake in shares of Cummins in the 2nd quarter worth approximately $28,000. Lynx Investment Advisory purchased a new position in Cummins in the second quarter valued at approximately $29,000. Finally, Kathleen S. Wright Associates Inc. bought a new position in Cummins during the third quarter valued at $34,000. 83.46% of the stock is currently owned by institutional investors.

Cummins Stock Performance

NYSE CMI opened at $375.04 on Monday. Cummins Inc. has a 52-week low of $223.35 and a 52-week high of $379.66. The company has a fifty day moving average of $342.77 and a 200-day moving average of $307.44. The company has a market capitalization of $51.45 billion, a P/E ratio of 24.77, a P/E/G ratio of 1.82 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.79 and a current ratio of 1.32.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported $5.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.89 by $0.97. The firm 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 company’s revenue for the quarter was up .3% compared to the same quarter last year. During the same period in the prior year, the business earned $4.73 EPS. As a group, equities research analysts predict that Cummins Inc. will post 20.75 EPS for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 1.94%. The ex-dividend date is Friday, November 22nd. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 162 shares of the 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 transaction, the vice president now owns 20,803 shares of the company’s stock, valued at approximately $7,427,503.12. This trade represents a 0.77 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last ninety days, insiders sold 6,489 shares of company stock worth $2,357,531. 0.56% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. 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. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 target price for the company. in a research report on Wednesday, November 6th. Robert W. Baird boosted their price target on shares of Cummins from $330.00 to $372.00 and gave the company a “neutral” rating in a research report on Wednesday, November 6th. The Goldman Sachs Group increased their target price on Cummins from $324.00 to $370.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Finally, Truist Financial boosted their price objective on Cummins from $349.00 to $371.00 and gave the company a “hold” rating in a research note on Wednesday, October 9th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $337.67.

Cummins Company 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.