Cartenna Capital LP Makes New $48.57 Million Investment in Cummins Inc. $CMI

Cartenna Capital LP bought a new stake in Cummins Inc. (NYSE:CMI) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 115,000 shares of the company’s stock, valued at approximately $48,573,000. Cummins comprises approximately 1.4% of Cartenna Capital LP’s portfolio, making the stock its 23rd biggest position. Cartenna Capital LP owned approximately 0.08% of Cummins 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 CMI. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cummins by 8.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,031 shares of the company’s stock valued at $13,107,000 after buying an additional 2,417 shares during the period. New York State Teachers Retirement System grew its stake in shares of Cummins by 2.1% during the 3rd quarter. New York State Teachers Retirement System now owns 111,911 shares of the company’s stock worth $47,268,000 after acquiring an additional 2,305 shares during the period. Bailard Inc. increased its holdings in Cummins by 7.2% in the 3rd quarter. Bailard Inc. now owns 59,830 shares of the company’s stock worth $25,270,000 after acquiring an additional 4,035 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Cummins by 2.8% in the 3rd quarter. Fisher Asset Management LLC now owns 3,367,001 shares of the company’s stock worth $1,422,121,000 after acquiring an additional 91,956 shares during the last quarter. Finally, Accredited Wealth Management LLC raised its stake in Cummins by 3,100.0% in the 3rd quarter. Accredited Wealth Management LLC now owns 3,200 shares of the company’s stock valued at $1,352,000 after acquiring an additional 3,100 shares during the period. 83.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director William I. Miller sold 18,107 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $597.10, for a total value of $10,811,689.70. Following the transaction, the director owned 34,243 shares of the company’s stock, valued at approximately $20,446,495.30. This represents a 34.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Amy Rochelle Davis sold 4,054 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $561.34, for a total value of $2,275,672.36. Following the completion of the sale, the vice president owned 15,807 shares in the company, valued at $8,873,101.38. This trade represents a 20.41% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 31,195 shares of company stock worth $18,397,489. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CMI. Morgan Stanley reaffirmed an “overweight” rating and set a $675.00 price objective on shares of Cummins in a report on Friday, February 6th. Raymond James Financial boosted their price target on shares of Cummins from $585.00 to $675.00 and gave the company an “outperform” rating in a research report on Monday, February 9th. Wall Street Zen cut shares of Cummins from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 8th. Robert W. Baird set a $580.00 price objective on shares of Cummins in a report on Friday, February 6th. Finally, Wells Fargo & Company lifted their price objective on shares of Cummins from $599.00 to $630.00 and gave the company an “overweight” rating in a research note on Friday, January 23rd. Eleven investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $588.93.

Cummins Stock Down 0.6%

CMI stock opened at $535.58 on Friday. The stock has a 50-day simple moving average of $574.09 and a two-hundred day simple moving average of $495.92. Cummins Inc. has a twelve month low of $260.02 and a twelve month high of $617.98. The firm has a market capitalization of $74.00 billion, a PE ratio of 26.10, a PEG ratio of 1.70 and a beta of 1.12. 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 (NYSE:CMI) last announced its quarterly 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. Cummins had a net margin of 8.44% and a return on equity of 25.71%. The firm had revenue of $8.54 billion for the quarter, compared to the consensus estimate of $8.09 billion. During the same period in the prior year, the firm posted $5.16 earnings per share. The company’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, equities analysts predict that Cummins Inc. will post 22.54 EPS for the current fiscal year.

Cummins Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Friday, February 20th were paid a $2.00 dividend. The ex-dividend date was Friday, February 20th. This represents a $8.00 annualized dividend and a yield of 1.5%. Cummins’s dividend payout ratio is currently 38.99%.

Cummins Profile

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.