The Manufacturers Life Insurance Company Boosts Holdings in Cummins Inc. (NYSE:CMI)

The Manufacturers Life Insurance Company boosted its position in shares of Cummins Inc. (NYSE:CMI) by 0.0% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 282,159 shares of the company’s stock after acquiring an additional 37 shares during the period. The Manufacturers Life Insurance Company owned 0.21% of Cummins worth $91,360,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CMI. Cultivar Capital Inc. purchased a new position in shares of Cummins in the second quarter worth $28,000. Prospera Private Wealth LLC purchased a new position in shares of Cummins in the third quarter worth $32,000. CarsonAllaria Wealth Management Ltd. purchased a new position in shares of Cummins in the second quarter worth $28,000. Lynx Investment Advisory purchased a new position in shares of Cummins in the second quarter worth $29,000. Finally, LRI Investments LLC purchased a new position in shares of Cummins in the first quarter worth $31,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Insider Transactions at Cummins

In related news, VP Sharon R. Barner sold 2,163 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $369.12, for a total value of $798,406.56. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at approximately $7,678,803.36. This represents a 9.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 6,489 shares of company stock valued at $2,357,531 in the last ninety days. 0.56% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CMI has been the topic of a number of research reports. Evercore ISI upgraded shares of Cummins from an “in-line” rating to an “outperform” rating and increased their price objective for the stock from $294.00 to $408.00 in a research note on Wednesday, November 13th. Vertical Research lowered shares of Cummins from a “buy” rating to a “hold” rating and set a $350.00 price objective on the stock. in a research note on Wednesday, November 6th. Truist Financial increased their price objective 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. Citigroup increased their price objective on shares of Cummins from $375.00 to $415.00 and gave the stock a “buy” rating in a research note on Wednesday, November 20th. Finally, StockNews.com upgraded shares of Cummins from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Cummins presently has an average rating of “Hold” and an average price target of $337.67.

Cummins Stock Down 1.7 %

CMI stock opened at $370.79 on Thursday. The company has a market cap of $50.86 billion, a price-to-earnings ratio of 24.49, a price-to-earnings-growth ratio of 1.82 and a beta of 0.97. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.32 and a quick ratio of 0.79. Cummins Inc. has a 12 month low of $222.75 and a 12 month high of $379.66. The company has a fifty day moving average price of $340.19 and a 200 day moving average price of $306.22.

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

Cummins Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be paid a dividend of $1.82 per share. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 dividend on an annualized basis and a dividend yield of 1.96%. Cummins’s dividend payout ratio (DPR) is presently 48.08%.

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.