Legato Capital Management LLC Buys New Shares in Cummins Inc. $CMI

Legato Capital Management LLC bought a new stake in shares of Cummins Inc. (NYSE:CMI) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 1,128 shares of the company’s stock, valued at approximately $576,000.

Several other large investors have also recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cummins by 8.4% in 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 buying an additional 2,417 shares in the last quarter. Fisher Asset Management LLC raised its stake in shares of Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock valued at $1,422,121,000 after buying an additional 91,956 shares in the last quarter. Accredited Wealth Management LLC raised its stake in shares of Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after buying an additional 3,100 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of 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 buying an additional 488,430 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D raised its stake in shares of Cummins by 5.6% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 48,795 shares of the company’s stock valued at $20,610,000 after buying an additional 2,574 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Cummins news, EVP Bonnie J. Fetch sold 652 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $700.19, for a total transaction of $456,523.88. Following the sale, the executive vice president owned 11,679 shares of the company’s stock, valued at $8,177,519.01. This represents a 5.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Donald G. Jackson sold 730 shares of the stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $710.92, for a total transaction of $518,971.60. Following the sale, the vice president directly owned 8,316 shares in the company, valued at approximately $5,912,010.72. This represents a 8.07% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 17,633 shares of company stock worth $11,653,357. 0.30% of the stock is currently owned by insiders.

Cummins Stock Up 4.5%

CMI opened at $668.64 on Wednesday. The firm’s 50-day simple moving average is $616.71 and its 200-day simple moving average is $566.52. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71. Cummins Inc. has a twelve month low of $307.90 and a twelve month high of $718.08. The firm has a market cap of $92.27 billion, a price-to-earnings ratio of 34.70, a PEG ratio of 1.58 and a beta of 1.27.

Cummins (NYSE:CMI) last posted its earnings results on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, topping the consensus estimate of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The business had revenue of $8.40 billion for the quarter, compared to analyst estimates of $8.37 billion. During the same quarter in the prior year, the firm earned $5.96 EPS. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. Equities research analysts anticipate that Cummins Inc. will post 28.93 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wells Fargo & Company increased their price objective on shares of Cummins from $693.00 to $794.00 and gave the company an “overweight” rating in a research note on Wednesday, May 6th. Argus set a $696.00 target price on shares of Cummins in a report on Tuesday, February 10th. Wall Street Zen lowered shares of Cummins from a “strong-buy” rating to a “buy” rating in a report on Sunday, March 8th. Raymond James Financial upped their target price on shares of Cummins from $675.00 to $745.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Barclays upped their target price on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $700.50.

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.