Xponance Inc. has a $4.55 million stake in Cummins Inc. (NYSE:CMI)

Xponance Inc. has acquired its interest in Cummins Inc. (NYSE:CMI – Free Report) expanded 1.1% during the fourth quarter, Holdings Channel.com reports. The company owned 18,982 shares of the company, having acquired an additional 202 shares during the period. The importance of Xponance Inc. in Cummins was worth $4,548,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also increased or decreased their stakes in the company. Synovus Financial Corp increased its position in Cummins shares by 254.4% during the first quarter. Synovus Financial Corp now owns 6,099 shares of the company’s stock worth $1,242,000 after purchasing an additional 4,378 shares during the last quarter. Cibc World Market Inc. increased its stake in Cummins by 65.4% during the first quarter. Cibc World Market Inc. now owns 18,194 shares of the company’s stock worth $3,732,000 after purchasing an additional 7,191 shares in the last quarter. Sei Investments Co. strengthened its position in Cummins by 16.1% in the first quarter. Sei Investments Co. now owns 94,391 shares of the company’s stock valued at $19,282,000 after purchasing an additional 13,058 shares in the last quarter. Prudential PLC bought a new position in Cummins worth $711,000 in the first quarter. Finally, Cetera Investment Advisers increased its stake in Cummins shares by 43.0% in the first quarter. Cetera Investment Advisers now owns 6,403 shares of the company’s stock valued at $1,313,000 after purchasing an additional 1,925 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s shares.

Buying and selling with insider information

In other news, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The shares sold at an average price of $262.16, for a total value of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction on Wednesday, February 28. The shares sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the transaction, the Vice President now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Sharon R. Barner sold 11,000 shares of the company’s stock in a transaction dated Thursday, February 15. The stock sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the sale, the vice president now directly owns 17,874 shares of the company’s stock, valued at $4,685,847.84. The explanation of this sale can be found here. Over the last ninety days, insiders have sold 51,289 shares of company stock worth $13,576,838. Company insiders own 0.56% of the company’s shares.

Analysts set new price targets

Several brokers have recently released reports on CMI. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and raised their price target for the company from $254.00 to $321.00 in a research note on Friday, March 15. Truist Financial initiated coverage on shares of Cummins in a research note on Thursday, March 14. They issued a hold rating and a $303.00 target price for the stock. TD Cowen raised their target price on shares of Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6. Finally, Citigroup raised their target price on shares of Cummins from $265.00 to $285.00 and gave the company a “buy” rating in a research report on Monday, February 12. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of ‘Hold’ and an average price target of $279.70.

Get our latest report on Cummins

Cummins shares fell 1.3%

NYSE:CMI opened at $287.56 on Friday. The stock has a market cap of $39.33 billion, a price-to-earnings ratio of 55.51, a PEG ratio of 1.99 and a beta of 1.04. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. The stock has a 50-day moving average of $280.26 and a two-hundred-day moving average of $248.53. Cummins Inc. has a one-year low of $203.18 and a one-year high of $304.24.

Cummins (NYSE:CMI – Get Free Report) last posted its earnings results on Tuesday, February 6. The company reported $4.14 earnings per share for the quarter, topping analysts’ consensus estimates of $4.41 by ($0.27). The company had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. During the same period last year, the company posted earnings per share of $4.52. Cummins sales for the quarter increased 9.9% compared to the same quarter last year. As a group, stock analysts expect Cummins Inc. will post earnings per share of 18.27 for the current year.

Cummins dividend announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 7. Investors of record received a $1.68 dividend on Friday, February 23. The ex-dividend date was Thursday, February 22. This represents a dividend of $6.72 annually and a yield of 2.34%. Cummins’ dividend payout ratio currently stands at 129.73%.

Cummins Company Profile

(Free report)

Cummins Inc designs, manufactures, distributes and services diesel and natural gas engines, electric and hybrid powertrains and related components worldwide. It operates in five segments: Engine, Distribution, Components, Power Systems and Accelera. The company offers diesel and natural gas-powered engines under the Cummins brand and other customers for heavy- and medium-duty truck, bus, recreational vehicle, light-duty vehicle, construction, mining, marine, railroad, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.

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Would you like to see which other hedge funds own CMI? Visit HoldingsChannel.com for the latest 13F filings and insider transactions for Cummins Inc. (NYSE:CMI – Free Report).

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