Vanguard Group Inc. Boosts Stock Holdings in Cummins Inc. $CMI

Vanguard Group Inc. raised its stake in Cummins Inc. (NYSE:CMI) by 0.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 17,648,231 shares of the company’s stock after purchasing an additional 20,082 shares during the period. Vanguard Group Inc. owned about 0.13% of Cummins worth $7,454,083,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. State Street Corp raised its stake in Cummins by 1.4% during the 2nd quarter. State Street Corp now owns 6,539,191 shares of the company’s stock worth $2,141,585,000 after acquiring an additional 92,073 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Cummins by 1.3% during the second quarter. Geode Capital Management LLC now owns 3,499,240 shares of the company’s stock worth $1,141,138,000 after purchasing an additional 43,720 shares during the period. Fisher Asset Management LLC increased its stake in shares of Cummins by 4.5% during the second quarter. Fisher Asset Management LLC now owns 3,275,045 shares of the company’s stock worth $1,072,578,000 after acquiring an additional 142,058 shares during the period. Norges Bank purchased a new position in shares of Cummins during the 2nd quarter worth approximately $505,941,000. Finally, Bank of New York Mellon Corp lifted its holdings in Cummins by 50.8% in the third quarter. Bank of New York Mellon Corp now owns 1,450,659 shares of the company’s stock valued at $612,715,000 after acquiring an additional 488,430 shares during the period. Institutional investors and hedge funds own 83.46% of the company’s stock.

Cummins Price Performance

CMI opened at $600.30 on Tuesday. The stock has a fifty day moving average of $551.85 and a 200-day moving average of $472.35. The company has a quick ratio of 1.16, a current ratio of 1.76 and a debt-to-equity ratio of 0.51. Cummins Inc. has a 12-month low of $260.02 and a 12-month high of $617.98. The firm has a market capitalization of $82.94 billion, a P/E ratio of 29.25, a PEG ratio of 1.90 and a beta of 1.13.

Cummins (NYSE:CMI) last announced its earnings results on Thursday, February 5th. The company reported $5.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.17 by $0.64. The business had revenue of $8.54 billion for the quarter, compared to analyst estimates of $8.09 billion. Cummins had a net margin of 8.44% and a return on equity of 25.71%. Cummins’s revenue was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $5.16 earnings per share. Equities analysts forecast that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 20th will be given a dividend of $2.00 per share. The ex-dividend date of this dividend is Friday, February 20th. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.3%. Cummins’s dividend payout ratio (DPR) is currently 38.99%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CMI shares. Wolfe Research cut Cummins from an “outperform” rating to a “peer perform” rating and set a $540.00 price objective for the company. in a report on Monday, January 26th. Sanford C. Bernstein set a $600.00 price objective on Cummins and gave the stock a “market perform” rating in a report on Friday, February 6th. JPMorgan Chase & Co. increased their price target on shares of Cummins from $485.00 to $580.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 14th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Cummins in a report on Monday, December 29th. Finally, Zacks Research downgraded Cummins from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 28th. Eleven investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, Cummins currently has an average rating of “Moderate Buy” and a consensus target price of $588.93.

Insider Activity at Cummins

In other Cummins news, insider Brett Michael Merritt sold 1,450 shares of the business’s stock in a transaction that occurred on Tuesday, November 25th. The stock was sold at an average price of $489.32, for a total value of $709,514.00. Following the sale, the insider owned 9,271 shares in the company, valued at approximately $4,536,485.72. The trade was a 13.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William I. Miller sold 18,107 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $597.10, for a total transaction of $10,811,689.70. Following the sale, the director owned 34,243 shares of the company’s stock, valued at $20,446,495.30. This trade represents a 34.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.41% of the company’s stock.

About Cummins

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.