Cummins Inc. (NYSE:CMI) Stock Holdings Lifted by Ipswich Investment Management Co. Inc.

Ipswich Investment Management Co. Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 10.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,275 shares of the company’s stock after buying an additional 600 shares during the period. Ipswich Investment Management Co. Inc.’s holdings in Cummins were worth $1,503,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. OFI Invest Asset Management bought a new position in shares of Cummins in the third quarter valued at $25,000. Silver Oak Securities Incorporated acquired a new stake in Cummins during the 3rd quarter valued at $28,000. Global Wealth Strategies & Associates acquired a new stake in Cummins during the 3rd quarter valued at $29,000. Tyler Stone Wealth Management acquired a new stake in Cummins during the 2nd quarter valued at $30,000. Finally, Quarry LP acquired a new stake in Cummins during the 1st quarter valued at $32,000. Institutional investors own 83.46% of the company’s stock.

Cummins Trading Down 1.3 %

Shares of NYSE:CMI opened at $287.56 on Friday. The stock has a market capitalization of $39.33 billion, a PE ratio of 55.51, a P/E/G ratio of 1.96 and a beta of 1.04. Cummins Inc. has a 1 year low of $203.18 and a 1 year high of $304.24. The firm has a fifty day moving average price of $280.26 and a 200 day moving average price of $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 (NYSE:CMI) last issued its quarterly earnings data 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). The business had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.10 billion. Cummins had a return on equity of 25.68% and a net margin of 2.16%. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.52 earnings per share. Analysts expect that Cummins Inc. will post 18.31 EPS for the current fiscal year.

Cummins Dividend Announcement

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

Insider Buying and Selling

In other news, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the acquisition, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Daniel William Fisher purchased 562 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was bought at an average cost of $266.57 per share, for a total transaction of $149,812.34. Following the completion of the acquisition, the director now directly owns 1,068 shares of the company’s stock, valued at $284,696.76. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Sharon R. Barner sold 2,100 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $271.29, for a total transaction of $569,709.00. Following the sale, the vice president now owns 16,899 shares of the company’s stock, valued at $4,584,529.71. The disclosure for this sale can be found here. Over the last three months, insiders sold 51,289 shares of company stock worth $13,576,838. Corporate insiders own 0.56% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. TheStreet downgraded shares of Cummins from an “a-” rating to a “c+” rating in a research note on Tuesday, February 6th. 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, April 16th. StockNews.com downgraded shares of Cummins from a “buy” rating to a “hold” rating in a research note on Monday, March 4th. UBS Group raised shares of Cummins from a “neutral” rating to a “buy” rating and upped their price target for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cummins from $245.00 to $275.00 and gave the stock an “underweight” rating in a research note on Monday, March 25th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Cummins currently has an average rating of “Hold” and a consensus target price of $279.70.

Cummins Profile

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.