MetLife Investment Management LLC Has $11.54 Million Holdings in Cummins Inc. (NYSE:CMI)

MetLife Investment Management LLC lowered its stake in shares of Cummins Inc. (NYSE:CMI) by 2.3% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 35,628 shares of the company’s stock after selling 854 shares during the period. MetLife Investment Management LLC’s holdings in Cummins were worth $11,536,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pathway Financial Advisers LLC grew its holdings in Cummins by 31,489.1% during the third quarter. Pathway Financial Advisers LLC now owns 2,531,869 shares of the company’s stock worth $819,794,000 after buying an additional 2,523,854 shares in the last quarter. International Assets Investment Management LLC grew its stake in shares of Cummins by 38,765.8% in the 3rd quarter. International Assets Investment Management LLC now owns 974,755 shares of the company’s stock worth $315,616,000 after acquiring an additional 972,247 shares in the last quarter. Jupiter Asset Management Ltd. bought a new position in shares of Cummins during the second quarter valued at about $68,018,000. SG Americas Securities LLC boosted its holdings in Cummins by 1,012.0% during the second quarter. SG Americas Securities LLC now owns 197,068 shares of the company’s stock worth $54,574,000 after purchasing an additional 179,346 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Cummins in the 2nd quarter worth about $46,607,000. 83.46% of the stock is owned by institutional investors.

Cummins Stock Performance

NYSE:CMI opened at $371.03 on Friday. The business’s fifty day moving average is $341.43 and its 200 day moving average is $306.67. The firm has a market cap of $50.90 billion, a price-to-earnings ratio of 24.51, a PEG 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 Inc. has a 52-week low of $222.75 and a 52-week high of $379.66.

Cummins (NYSE:CMI) last announced its quarterly earnings results 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 for 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%. The company’s revenue for the quarter was up .3% on a year-over-year basis. During the same period in the prior year, the firm posted $4.73 earnings per share. Research analysts predict that Cummins Inc. will post 20.75 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 5th. Stockholders of record on Friday, November 22nd will be issued a $1.82 dividend. The ex-dividend date of this dividend is Friday, November 22nd. This represents a $7.28 annualized dividend and a dividend yield of 1.96%. Cummins’s payout ratio is currently 48.08%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Truist Financial boosted their target price on Cummins from $349.00 to $371.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Citigroup raised their target price on Cummins from $375.00 to $415.00 and gave the company a “buy” rating in a research report on Wednesday, November 20th. StockNews.com raised shares of Cummins from a “buy” rating to a “strong-buy” rating in a report on Wednesday, November 6th. Barclays raised their price objective on shares of Cummins from $259.00 to $310.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Finally, Robert W. Baird lifted their price objective on shares of Cummins from $330.00 to $372.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $337.67.

Insider Buying and Selling

In related news, VP Sharon R. Barner sold 162 shares of the firm’s stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $357.04, for a total value of $57,840.48. Following the sale, the vice president now directly owns 20,803 shares of the company’s stock, valued at $7,427,503.12. This trade represents a 0.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 6,489 shares of company stock worth $2,357,531. Corporate insiders own 0.56% of the company’s stock.

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.