Cummins Inc. $CMI Shares Purchased by Cerity Partners LLC

Cerity Partners LLC lifted its stake in Cummins Inc. (NYSE:CMI) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 129,751 shares of the company’s stock after purchasing an additional 1,023 shares during the quarter. Cerity Partners LLC owned about 0.09% of Cummins worth $66,238,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Fisher Asset Management LLC increased its stake in Cummins by 2.8% during the third quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after acquiring an additional 91,956 shares during the last quarter. Accredited Wealth Management LLC increased its stake in Cummins by 3,100.0% during the third quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock worth $1,352,000 after acquiring an additional 3,100 shares during the last quarter. State of New Jersey Common Pension Fund D increased its stake in Cummins by 5.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company’s stock worth $20,610,000 after acquiring an additional 2,574 shares during the last quarter. Payden & Rygel acquired a new stake in Cummins during the third quarter worth $9,757,000. Finally, Jefferies Financial Group Inc. acquired a new stake in Cummins during the third quarter worth $11,129,000. Institutional investors and hedge funds own 83.46% of the company’s stock.

Insider Activity at Cummins

In other Cummins news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction dated Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the completion of the sale, the vice president directly owned 11,986 shares of the company’s stock, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Brett Michael Merritt sold 701 shares of Cummins stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $688.75, for a total value of $482,813.75. Following the sale, the insider directly owned 10,404 shares of the company’s stock, valued at $7,165,755. This trade represents a 6.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 13,579 shares of company stock worth $9,377,684 over the last three months. Company insiders own 0.30% of the company’s stock.

Cummins Trading Down 0.6%

NYSE:CMI opened at $668.73 on Wednesday. The firm has a market cap of $92.28 billion, a PE ratio of 34.70, a price-to-earnings-growth ratio of 1.64 and a beta of 1.23. The stock has a fifty day moving average price of $641.50 and a 200 day moving average price of $580.27. Cummins Inc. has a 12-month low of $307.90 and a 12-month high of $718.08. The company has a current ratio of 1.71, a quick ratio of 1.11 and a debt-to-equity ratio of 0.50.

Cummins (NYSE:CMI) last released its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. The firm had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a return on equity of 25.25% and a net margin of 7.89%.Cummins’s revenue was up 2.7% compared to the same quarter last year. During the same period last year, the business posted $5.96 earnings per share. Sell-side analysts anticipate that Cummins Inc. will post 29.29 earnings per share for the current fiscal year.

Cummins Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Friday, May 22nd were issued a dividend of $2.00 per share. This represents a $8.00 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend was Friday, May 22nd. Cummins’s payout ratio is 41.52%.

Analysts Set New Price Targets

CMI has been the subject of a number of research reports. JPMorgan Chase & Co. lifted their price objective on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research note on Wednesday, May 6th. Argus lifted their price objective on Cummins from $696.00 to $770.00 and gave the company a “buy” rating in a research note on Monday, June 1st. Wells Fargo & Company lifted their price objective on Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Barclays lifted their price objective on Cummins from $610.00 to $760.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Finally, UBS Group raised Cummins from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $565.00 to $850.00 in a research note on Monday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Cummins presently has a consensus rating of “Moderate Buy” and an average target price of $726.14.

Cummins Company 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.