Intact Investment Management Inc. Has $3.88 Million Stake in Cummins Inc. (NYSE:CMI)

Intact Investment Management Inc. trimmed its holdings in Cummins Inc. (NYSE:CMI) by 14.7% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 16,200 shares of the company’s stock after selling 2,800 shares during the period. Intact Investment Management Inc.’s holdings in Cummins were worth $3,881,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Balentine LLC lifted its position in shares of Cummins by 3.3% in the third quarter. Balentine LLC now owns 3,929 shares of the company’s stock valued at $898,000 after buying an additional 127 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in Cummins by 200.9% during the 4th quarter. Sequoia Financial Advisors LLC now owns 5,790 shares of the company’s stock worth $1,387,000 after purchasing an additional 3,866 shares during the last quarter. Allen Mooney & Barnes Investment Advisors LLC acquired a new stake in Cummins during the 3rd quarter worth approximately $9,048,000. Capital Advisors Inc. OK acquired a new stake in Cummins during the 4th quarter worth approximately $24,915,000. Finally, SG Americas Securities LLC lifted its holdings in Cummins by 227.6% during the 4th quarter. SG Americas Securities LLC now owns 24,281 shares of the company’s stock worth $5,817,000 after purchasing an additional 16,869 shares during the last quarter. 83.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently weighed in on CMI. Evercore ISI lifted their price target on Cummins from $231.00 to $244.00 and gave the stock an “in-line” rating in a report on Tuesday, February 20th. The Goldman Sachs Group lifted their price target on Cummins from $270.00 to $306.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. TD Cowen raised their price objective on Cummins from $260.00 to $272.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Bank of America lowered Cummins from a “neutral” rating to an “underperform” rating and lowered their price objective for the stock from $243.00 to $225.00 in a research note on Friday, January 19th. Finally, UBS Group upgraded Cummins from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $254.00 to $321.00 in a research note on Friday, March 15th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Cummins presently has an average rating of “Hold” and a consensus target price of $279.70.

Cummins Price Performance

Shares of CMI traded down $0.47 during midday trading on Friday, hitting $291.14. The company’s stock had a trading volume of 480,216 shares, compared to its average volume of 917,274. Cummins Inc. has a one year low of $203.18 and a one year high of $304.24. The company’s fifty day simple moving average is $283.34 and its two-hundred day simple moving average is $250.77. The company has a quick ratio of 0.74, a current ratio of 1.18 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $39.82 billion, a price-to-earnings ratio of 56.20, a price-to-earnings-growth ratio of 1.98 and a beta of 1.04.

Cummins (NYSE:CMI) last issued its quarterly earnings results on Tuesday, February 6th. The company reported $4.14 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to the consensus estimate of $8.10 billion. During the same quarter in the previous year, the business posted $4.52 EPS. The company’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, equities analysts expect that Cummins Inc. will post 18.34 earnings per share for the current fiscal year.

Cummins Announces Dividend

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 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 yield of 2.31%. Cummins’s dividend payout ratio is currently 129.73%.

Insider Buying and Selling

In related news, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were purchased at an average cost of $266.57 per share, with a total value of $149,812.34. Following the acquisition, the director now owns 1,068 shares of the company’s stock, valued at $284,696.76. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Cummins news, VP Sharon R. Barner sold 11,000 shares of Cummins stock in a transaction dated 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 directly owns 17,874 shares of the company’s stock, valued at approximately $4,685,847.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel William Fisher bought 562 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were 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 in the company, valued at approximately $284,696.76. The disclosure for this purchase can be found here. Insiders have sold 51,289 shares of company stock worth $13,576,838 in the last 90 days. Insiders own 0.56% of the company’s stock.

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.