Monument Capital Management Acquires 2,878 Shares of Cummins Inc. $CMI

Monument Capital Management raised its holdings in Cummins Inc. (NYSE:CMI) by 299.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 3,838 shares of the company’s stock after purchasing an additional 2,878 shares during the quarter. Monument Capital Management’s holdings in Cummins were worth $1,983,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in CMI. Valmark Advisers Inc. raised its stake in Cummins by 1.9% in the 1st quarter. Valmark Advisers Inc. now owns 877 shares of the company’s stock valued at $472,000 after acquiring an additional 16 shares during the period. Guardian Partners Inc. boosted its position in Cummins by 1.0% during the first quarter. Guardian Partners Inc. now owns 1,584 shares of the company’s stock worth $852,000 after purchasing an additional 16 shares during the period. Nicolet Advisory Services LLC increased its holdings in shares of Cummins by 1.6% in the fourth quarter. Nicolet Advisory Services LLC now owns 1,101 shares of the company’s stock valued at $619,000 after purchasing an additional 17 shares during the last quarter. Uhlmann Price Securities LLC increased its holdings in shares of Cummins by 2.4% in the first quarter. Uhlmann Price Securities LLC now owns 717 shares of the company’s stock valued at $386,000 after purchasing an additional 17 shares during the last quarter. Finally, Legacy Financial Advisors Inc. raised its position in shares of Cummins by 2.0% in the second quarter. Legacy Financial Advisors Inc. now owns 955 shares of the company’s stock valued at $681,000 after purchasing an additional 19 shares during the period. 83.46% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

CMI has been the subject of a number of research reports. Citigroup raised their target price on shares of Cummins from $770.00 to $790.00 and gave the stock a “buy” rating in a research note on Tuesday, July 14th. DA Davidson increased their price target on shares of Cummins from $605.00 to $750.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Truist Financial cut their price objective on shares of Cummins from $894.00 to $779.00 and set a “buy” rating for the company in a research report on Monday. Sanford C. Bernstein restated a “market perform” rating and set a $700.00 price objective on shares of Cummins in a report on Wednesday, August 5th. Finally, Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 13th. Thirteen analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $717.59.

Cummins Trading Up 0.5%

CMI stock opened at $520.13 on Friday. Cummins Inc. has a 52 week low of $400.72 and a 52 week high of $737.76. The company has a market capitalization of $71.60 billion, a PE ratio of 26.58, a price-to-earnings-growth ratio of 1.36 and a beta of 1.24. The company’s 50-day simple moving average is $569.74 and its 200 day simple moving average is $620.98. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.13 and a current ratio of 1.73.

Cummins (NYSE:CMI) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $6.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $7.21 by ($0.48). Cummins had a net margin of 7.82% and a return on equity of 25.29%. The business had revenue of $9.46 billion during the quarter, compared to the consensus estimate of $9.33 billion. During the same period in the prior year, the firm earned $6.43 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Cummins Inc. will post 30.13 earnings per share for the current year.

Cummins Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Friday, August 21st were paid a $2.20 dividend. This represents a $8.80 annualized dividend and a dividend yield of 1.7%. This is an increase from Cummins’s previous quarterly dividend of $2.00. The ex-dividend date was Friday, August 21st. Cummins’s dividend payout ratio is presently 44.97%.

Insider Activity

In related news, VP Earl Newsome sold 698 shares of the stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $572.22, for a total transaction of $399,409.56. Following the sale, the vice president owned 4,479 shares of the company’s stock, valued at $2,562,973.38. This represents a 13.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.30% of the company’s stock.

Cummins Company Profile

Cummins Inc (NYSE: CMI) is a global power technology company headquartered in Columbus, Indiana. Founded in 1919, the company designs, manufactures, sells and services power solutions for commercial, industrial and infrastructure applications.

Its products include diesel and natural-gas engines, electrified powertrains, batteries, fuel cell systems, generators and other power-generation equipment. Cummins also produces components such as filtration systems, fuel systems, turbochargers and emission-control technologies.