Cummins Inc. (NYSE:CMI) Shares Purchased by abrdn plc

abrdn plc increased its holdings in shares of Cummins Inc. (NYSE:CMI) by 13.4% during the fourth quarter, Holdings Channel.com reports. The fund owned 427,287 shares of the company’s stock after buying an additional 50,548 shares during the period. abrdn plc’s holdings in Cummins were worth $102,365,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Bison Wealth LLC raised its position in shares of Cummins by 3.6% during the 4th quarter. Bison Wealth LLC now owns 1,224 shares of the company’s stock valued at $293,000 after buying an additional 42 shares during the period. KB Financial Partners LLC raised its position in shares of Cummins by 1.3% during the 3rd quarter. KB Financial Partners LLC now owns 3,585 shares of the company’s stock valued at $819,000 after buying an additional 45 shares during the period. Edmp Inc. raised its position in Cummins by 0.8% in the fourth quarter. Edmp Inc. now owns 5,560 shares of the company’s stock valued at $1,332,000 after purchasing an additional 46 shares during the period. Spears Abacus Advisors LLC raised its position in Cummins by 5.1% in the first quarter. Spears Abacus Advisors LLC now owns 982 shares of the company’s stock valued at $235,000 after purchasing an additional 48 shares during the period. Finally, Columbia Trust Co 01012016 raised its position in Cummins by 1.2% in the third quarter. Columbia Trust Co 01012016 now owns 4,156 shares of the company’s stock valued at $949,000 after purchasing an additional 48 shares during the period. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Cummins

In other news, Director Daniel William Fisher acquired 562 shares of Cummins stock in a transaction that occurred on Tuesday, February 27th. The stock was purchased at an average price of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the transaction, the director now directly owns 1,068 shares in the company, valued at $284,696.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, VP Sharon R. Barner sold 2,100 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total value of $569,709.00. Following the completion of the sale, the vice president now owns 16,899 shares in the company, valued at $4,584,529.71. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Daniel William Fisher purchased 562 shares of Cummins stock in a transaction dated Tuesday, February 27th. The shares were bought at an average price of $266.57 per share, with a total value of $149,812.34. Following the completion of the transaction, the director now owns 1,068 shares in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders sold a total of 51,289 shares of company stock worth $13,576,838 over the last 90 days. Company insiders own 0.56% of the company’s stock.

Cummins Stock Down 1.3 %

Shares of NYSE CMI opened at $287.56 on Friday. The stock has a market cap of $39.33 billion, a P/E ratio of 55.51, a PEG ratio of 1.96 and a beta of 1.04. The business’s fifty day simple moving average is $280.26 and its 200-day simple moving average is $248.53. The company has a current ratio of 1.18, a quick ratio of 0.74 and a debt-to-equity ratio of 0.48. Cummins Inc. has a 12-month low of $203.18 and a 12-month high of $304.24.

Cummins (NYSE:CMI) last released its quarterly 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 return on equity of 25.68% and a net margin of 2.16%. The company had revenue of $8.54 billion for the quarter, compared to analysts’ expectations of $8.10 billion. During the same period in the prior year, the business earned $4.52 EPS. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. As a group, equities analysts predict that Cummins Inc. will post 18.31 EPS for the current fiscal year.

Cummins Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 7th. Investors of record on Friday, February 23rd were given a $1.68 dividend. The ex-dividend date was Thursday, February 22nd. This represents a $6.72 dividend on an annualized basis and a yield of 2.34%. Cummins’s payout ratio is currently 129.73%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. JPMorgan Chase & Co. boosted their target price on Cummins from $245.00 to $275.00 and gave the company an “underweight” rating in a research report on Monday, March 25th. TD Cowen boosted their target price on Cummins from $260.00 to $272.00 and gave the company an “outperform” rating in a research report on Wednesday, February 7th. TheStreet lowered Cummins from an “a-” rating to a “c+” rating in a research report on Tuesday, February 6th. UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and increased their price objective for the company from $254.00 to $321.00 in a research note on Friday, March 15th. Finally, Evercore ISI increased their price objective on Cummins from $231.00 to $244.00 and gave the company an “in-line” rating in a research note on Tuesday, February 20th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, Cummins currently has a consensus rating of “Hold” and a consensus 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.