Flputnam Investment Management Co. Acquires 945 Shares of Cummins Inc. (NYSE:CMI)

Flputnam Investment Management Co. increased its holdings in Cummins Inc. (NYSE:CMI) by 5.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,361 shares of the company’s stock after purchasing an additional 945 shares during the period. Flputnam Investment Management Co.’s holdings in Cummins were worth $4,159,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of CMI. OFI Invest Asset Management bought a new stake in Cummins in the third quarter worth $25,000. Silver Oak Securities Incorporated bought a new position in Cummins during the third quarter valued at $28,000. Global Wealth Strategies & Associates bought a new position in Cummins during the third quarter valued at $29,000. Tyler Stone Wealth Management bought a new position in Cummins during the second quarter valued at $30,000. Finally, Quarry LP bought a new position in Cummins during the first quarter valued at $32,000. Institutional investors own 83.46% of the company’s stock.

Insider Activity

In other news, VP Sharon R. Barner sold 11,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total transaction of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of the firm’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $262.16, for a total value of $2,883,760.00. Following the transaction, the vice president now owns 17,874 shares in the company, valued at approximately $4,685,847.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Tony Satterthwaite sold 37,450 shares of the firm’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $265.05, for a total value of $9,926,122.50. Following the completion of the transaction, the senior vice president now owns 73,741 shares in the company, valued at approximately $19,545,052.05. The disclosure for this sale can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

Cummins Stock Performance

Shares of NYSE CMI traded down $2.01 during midday trading on Tuesday, reaching $293.77. 86,709 shares of the stock were exchanged, compared to its average volume of 2,866,185. The firm has a market cap of $40.18 billion, a price-to-earnings ratio of 56.71, a PEG ratio of 2.03 and a beta of 1.04. Cummins Inc. has a twelve month low of $203.18 and a twelve month high of $304.24. The firm has a 50-day simple moving average of $276.99 and a two-hundred day simple moving average of $246.85. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48.

Cummins (NYSE:CMI) last announced its earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $4.41 by ($0.27). Cummins had a net margin of 2.16% and a return on equity of 25.68%. The business had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same quarter last year, the business earned $4.52 EPS. The company’s quarterly revenue was up 9.9% on a year-over-year basis. As a group, analysts anticipate that Cummins Inc. will post 18.29 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 7th. Stockholders of record on Friday, February 23rd were given a dividend of $1.68 per share. The ex-dividend date of this dividend was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a dividend yield of 2.29%. Cummins’s dividend payout ratio (DPR) is 129.73%.

Wall Street Analyst Weigh In

CMI has been the subject of a number of recent analyst reports. The Goldman Sachs Group boosted their target price on shares of Cummins from $270.00 to $306.00 and gave the company a “neutral” rating in a research note on Tuesday. TheStreet lowered shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. TD Cowen boosted their target price on shares of Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and boosted their target price for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Finally, Evercore ISI boosted their target price on shares of Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Two analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $279.70.

About Cummins

Cummins Inc designs, manufactures, distributes, and services diesel and natural gas engines, electric and hybrid powertrains, and related components worldwide. It operates through five segments: Engine, Distribution, Components, Power Systems, and Accelera. The company offers diesel and natural gas-powered engines under the Cummins and other customer brands for the heavy and medium-duty truck, bus, recreational vehicle, light-duty automotive, construction, mining, marine, rail, oil and gas, defense, and agricultural markets; and offers parts and services, as well as remanufactured parts and engines.