Forum Financial Management LP Makes New Investment in Cummins Inc. (NYSE:CMI)

Posted by Defense World Staff on Apr 3rd, 2023

Forum Financial Management LP purchased a new stake in Cummins Inc. (NYSE:CMI – Get Rating) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,109 shares of the company’s stock, valued at approximately $269,000.

A number of other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Cummins by 1.7% in the third quarter. Vanguard Group Inc. now owns 13,203,832 shares of the company’s stock valued at $2,687,113,000 after buying an additional 226,774 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Cummins by 39.5% in the third quarter. Price T Rowe Associates Inc. MD now owns 5,240,383 shares of the company’s stock valued at $1,067,213,000 after buying an additional 1,484,171 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Cummins by 7.9% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,370,151 shares of the company’s stock valued at $486,142,000 after buying an additional 173,139 shares in the last quarter. LSV Asset Management increased its position in shares of Cummins by 0.3% in the third quarter. LSV Asset Management now owns 2,082,812 shares of the company’s stock valued at $423,873,000 after buying an additional 6,089 shares in the last quarter. Finally, First Trust Advisors LP increased its position in shares of Cummins by 48.8% in the third quarter. First Trust Advisors LP now owns 2,033,702 shares of the company’s stock valued at $413,878,000 after buying an additional 666,567 shares in the last quarter. Hedge funds and other institutional investors own 80.94% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Credit Suisse Group raised their price target on Cummins from $287.00 to $291.00 and gave the company an “outperform” rating in a research report on Tuesday, February 7th. UBS Group lifted their price objective on Cummins from $247.00 to $260.00 and gave the stock a “neutral” rating in a research report on Thursday, February 16th. StockNews.com initiated coverage on Cummins in a research report on Thursday, March 16th. They set a “buy” rating for the company. Deutsche Bank Aktiengesellschaft dropped their price objective on Cummins from $235.00 to $231.00 and set a “hold” rating for the company in a research report on Tuesday, February 7th. Finally, Morgan Stanley dropped their price objective on Cummins from $264.00 to $262.00 and set an “equal weight” rating for the company in a research report on Friday, January 20th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Cummins presently has a consensus rating of “Hold” and an average price target of $254.75.

Insiders Place Their Bets

In other Cummins news, Director Georgia R. Nelson sold 1,933 shares of the firm’s stock in a transaction dated Wednesday, February 15th. The stock was sold at an average price of $251.64, for a total value of $486,420.12. Following the sale, the director now directly owns 21,742 shares of the company’s stock, valued at approximately $5,471,156.88. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, VP Walter J. Fier sold 3,307 shares of Cummins stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $252.99, for a total value of $836,637.93. Following the transaction, the vice president now directly owns 8,090 shares of the company’s stock, valued at approximately $2,046,689.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Georgia R. Nelson sold 1,933 shares of Cummins stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $251.64, for a total value of $486,420.12. Following the completion of the transaction, the director now directly owns 21,742 shares in the company, valued at $5,471,156.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 16,709 shares of company stock valued at $4,245,545. Insiders own 1.00% of the company’s stock.

Cummins Stock Up 2.0 %

Shares of NYSE:CMI opened at $238.88 on Monday. The stock’s 50-day moving average price is $244.52 and its two-hundred day moving average price is $238.46. The company has a current ratio of 1.27, a quick ratio of 0.77 and a debt-to-equity ratio of 0.45. Cummins Inc. has a 12-month low of $184.27 and a 12-month high of $261.91. The firm has a market cap of $33.81 billion, a price-to-earnings ratio of 15.81, a PEG ratio of 1.36 and a beta of 1.01.

Cummins (NYSE:CMI – Get Rating) last issued its quarterly earnings results on Monday, February 6th. The company reported $4.52 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $4.52. Cummins had a return on equity of 24.58% and a net margin of 7.66%. The firm had revenue of $7.77 billion for the quarter, compared to analyst estimates of $7.21 billion. During the same period last year, the company earned $2.85 EPS. The firm’s quarterly revenue was up 32.8% on a year-over-year basis. On average, research analysts forecast that Cummins Inc. will post 18.95 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 9th. Shareholders of record on Friday, February 24th were paid a $1.57 dividend. This represents a $6.28 dividend on an annualized basis and a yield of 2.63%. The ex-dividend date was Thursday, February 23rd. Cummins’s payout ratio is 41.56%.

About Cummins

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Cummins, Inc engages in the design, manufacture, and market of diesel and natural gas engines. It operates through the following segments: Engine, Distribution, Components, Power Systems, and New Power. The Engine segment manufactures and markets diesel and natural gas-powered engines under the Cummins brand name, for the heavy- and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets.