Eagle Rock Investment Company LLC Raises Stock Position in Cummins Inc. $CMI

Eagle Rock Investment Company LLC raised its position in Cummins Inc. (NYSE:CMI) by 51.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 14,632 shares of the company’s stock after acquiring an additional 4,985 shares during the period. Cummins accounts for about 1.1% of Eagle Rock Investment Company LLC’s portfolio, making the stock its 27th largest position. Eagle Rock Investment Company LLC’s holdings in Cummins were worth $7,469,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Brighton Jones LLC grew its position in Cummins by 4.1% in the fourth quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares during the period. Intech Investment Management LLC raised its position in Cummins by 40.8% in the first quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock valued at $1,240,000 after purchasing an additional 1,146 shares during the period. J.W. Cole Advisors Inc. raised its position in Cummins by 96.5% in the second quarter. J.W. Cole Advisors Inc. now owns 6,808 shares of the company’s stock valued at $2,230,000 after purchasing an additional 3,344 shares during the period. Quadrant Capital Group LLC lifted its stake in shares of Cummins by 54.2% in the 2nd quarter. Quadrant Capital Group LLC now owns 4,346 shares of the company’s stock valued at $1,423,000 after purchasing an additional 1,527 shares during the last quarter. Finally, Elevation Point Wealth Partners LLC purchased a new position in shares of Cummins during the 2nd quarter worth $93,000. Hedge funds and other institutional investors own 83.46% of the company’s stock.

Cummins Price Performance

Cummins stock opened at $523.02 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 52-week low of $260.02 and a 52-week high of $617.98. The firm has a market cap of $72.26 billion, a PE ratio of 25.49, a price-to-earnings-growth ratio of 1.68 and a beta of 1.12. The company’s 50 day moving average is $571.03 and its two-hundred day moving average is $505.16.

Cummins (NYSE:CMI) last posted its quarterly earnings results on Thursday, February 5th. The company reported $5.81 EPS for the quarter, topping the consensus estimate of $5.17 by $0.64. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.09 billion. During the same quarter in the previous year, the firm posted $5.16 earnings per share. The company’s quarterly revenue was up 1.1% compared to the same quarter last year. On average, research analysts expect that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 20th were paid a dividend of $2.00 per share. 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 payout ratio is presently 38.99%.

Insider Activity at Cummins

In other Cummins news, VP Earl Newsome sold 1,300 shares of the 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 of the company’s stock, valued at $1,978,057.63. This trade represents a 27.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director William I. Miller sold 18,107 shares of Cummins stock in a transaction dated Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the completion of the transaction, the director owned 34,243 shares of the company’s stock, valued at $20,446,495.30. The trade was a 34.59% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 31,195 shares of company stock worth $18,397,489 over the last quarter. 0.41% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Wolfe Research downgraded Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a research report on Monday, January 26th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Cummins in a research report on Monday, December 29th. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the stock a “market perform” rating in a research note on Friday, February 6th. Wells Fargo & Company lifted their price target on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research report on Friday, January 23rd. 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 investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $588.93.

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.