Cummins Inc. $CMI Shares Acquired by Capital Investment Advisors LLC

Capital Investment Advisors LLC raised its position in Cummins Inc. (NYSE:CMI) by 1.6% during the fourth quarter, HoldingsChannel reports. The firm owned 123,719 shares of the company’s stock after purchasing an additional 1,938 shares during the period. Capital Investment Advisors LLC’s holdings in Cummins were worth $63,152,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Cummins during the second quarter worth $505,941,000. Boston Partners acquired a new position in Cummins during the third quarter worth about $473,471,000. London Co. of Virginia purchased a new stake in Cummins during the 3rd quarter valued at about $231,732,000. Bank of New York Mellon Corp raised its holdings in Cummins by 50.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after acquiring an additional 488,430 shares during the last quarter. Finally, Amundi raised its holdings in Cummins by 48.6% in the 2nd quarter. Amundi now owns 1,030,767 shares of the company’s stock valued at $343,699,000 after acquiring an additional 337,074 shares during the last quarter. Institutional investors and hedge funds own 83.46% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on CMI shares. Barclays raised their target price on Cummins from $546.00 to $610.00 and gave the stock an “overweight” rating in a research note on Friday, January 23rd. Wells Fargo & Company upped their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a report on Friday, January 23rd. Citigroup raised their price objective on shares of Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. UBS Group set a $565.00 target price on shares of Cummins and gave the company a “neutral” rating in a report on Friday, February 6th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $675.00 price target on shares of Cummins in a research note on Friday, February 6th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Stock Performance

NYSE CMI opened at $523.02 on Friday. The company has a market cap of $72.26 billion, a P/E ratio of 25.49, a P/E/G ratio of 1.68 and a beta of 1.12. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.76 and a quick ratio of 1.16. The stock has a 50-day moving average of $571.03 and a two-hundred day moving average of $505.16. Cummins Inc. has a 1-year low of $260.02 and a 1-year high of $617.98.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $5.16 earnings per share. As a group, analysts anticipate that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were given a $2.00 dividend. This represents a $8.00 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Insiders Place Their Bets

In related news, VP Amy Rochelle Davis sold 4,054 shares of the business’s stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total transaction of $2,275,672.36. Following the completion of the transaction, the vice president directly owned 15,807 shares of the company’s stock, valued at $8,873,101.38. The trade was a 20.41% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Earl Newsome sold 1,300 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $583.67, for a total value of $758,771.00. Following the sale, the vice president owned 3,389 shares in the company, valued at approximately $1,978,057.63. This trade represents a 27.72% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 31,195 shares of company stock valued at $18,397,489. Corporate insiders own 0.41% of the company’s stock.

Cummins Profile

Cummins Inc (NYSE: CMI) is a global power technology company that designs, manufactures, distributes and services a broad portfolio of diesel and natural gas engines, electrified powertrains, power generation systems and related components. Founded in 1919 and headquartered in Columbus, Indiana, Cummins has grown into one of the world’s leading suppliers of internal combustion engines and a provider of technologies that reduce emissions and improve fuel efficiency.

The company’s product lineup includes heavy-, medium- and light-duty engines for on-highway and off-highway applications, generator sets and power systems for commercial and industrial use, and key engine components such as turbochargers, fuel systems, air handling, filtration and aftertreatment solutions.