Cummins Inc. $CMI Shares Bought by Fisher Asset Management LLC

Fisher Asset Management LLC boosted its position in Cummins Inc. (NYSE:CMI) by 2.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,367,001 shares of the company’s stock after purchasing an additional 91,956 shares during the period. Fisher Asset Management LLC’s holdings in Cummins were worth $1,422,121,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in CMI. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Cummins by 8.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after acquiring an additional 2,417 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Cummins by 2.1% during the third quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock valued at $47,268,000 after purchasing an additional 2,305 shares during the last quarter. Bailard Inc. lifted its holdings in shares of Cummins by 7.2% during the third quarter. Bailard Inc. now owns 59,830 shares of the company’s stock valued at $25,270,000 after purchasing an additional 4,035 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Cummins by 6.7% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 277,958 shares of the company’s stock valued at $91,054,000 after purchasing an additional 17,566 shares during the period. Finally, Bank of New York Mellon Corp increased its stake 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 worth $612,715,000 after purchasing an additional 488,430 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Cummins

In related news, VP Amy Rochelle Davis sold 1,864 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $586.64, for a total transaction of $1,093,496.96. Following the completion of the transaction, the vice president owned 17,827 shares in the company, valued at approximately $10,458,031.28. The trade was a 9.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Donald G. Jackson sold 1,600 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The shares were sold at an average price of $600.13, for a total transaction of $960,208.00. Following the completion of the sale, the vice president directly owned 7,214 shares of the company’s stock, valued at $4,329,337.82. The trade was a 18.15% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 27,141 shares of company stock worth $16,121,817 over the last ninety days. 0.41% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have commented on CMI shares. Raymond James Financial raised their target price on shares of Cummins from $585.00 to $675.00 and gave the stock an “outperform” rating in a report on Monday, February 9th. Wall Street Zen upgraded Cummins from a “buy” rating to a “strong-buy” rating in a report on Saturday. Sanford C. Bernstein set a $600.00 target price on shares of Cummins and gave the stock a “market perform” rating in a research report on Friday, February 6th. Zacks Research cut shares of Cummins from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 28th. Finally, Citigroup boosted their price target on Cummins from $580.00 to $630.00 and gave the stock a “buy” rating in a research report on Tuesday, January 13th. Eleven analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $588.93.

Cummins Stock Performance

CMI stock opened at $584.37 on Monday. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. The company has a market cap of $80.74 billion, a P/E ratio of 28.48, a price-to-earnings-growth ratio of 1.85 and a beta of 1.13. The business’s fifty day moving average is $566.52 and its 200-day moving average is $485.66.

Cummins (NYSE:CMI) last released its quarterly earnings data on Thursday, February 5th. The company reported $5.81 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $0.64. Cummins had a return on equity of 25.71% and a net margin of 8.44%.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 prior year, the company posted $5.16 earnings per share. The firm’s revenue was up 1.1% on a year-over-year basis. Equities research analysts forecast that Cummins Inc. will post 22.54 EPS for the current year.

Cummins Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Investors of record on Friday, February 20th will be given a $2.00 dividend. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, February 20th. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

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.