Mariner LLC Purchases 17,754 Shares of Cummins Inc. $CMI

Mariner LLC increased its position in shares of Cummins Inc. (NYSE:CMI) by 8.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 221,808 shares of the company’s stock after acquiring an additional 17,754 shares during the period. Mariner LLC owned approximately 0.16% of Cummins worth $113,236,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of CMI. Brighton Jones LLC increased its holdings in Cummins by 4.1% during the 4th quarter. Brighton Jones LLC now owns 2,112 shares of the company’s stock worth $736,000 after acquiring an additional 83 shares during the period. Intech Investment Management LLC increased its holdings in Cummins by 40.8% during the 1st quarter. Intech Investment Management LLC now owns 3,956 shares of the company’s stock worth $1,240,000 after acquiring an additional 1,146 shares during the period. Treasurer of the State of North Carolina increased its holdings in Cummins by 2.8% during the 2nd quarter. Treasurer of the State of North Carolina now owns 64,289 shares of the company’s stock worth $21,055,000 after acquiring an additional 1,759 shares during the period. ICW Investment Advisors LLC bought a new stake in Cummins during the 2nd quarter worth approximately $225,000. Finally, Osterweis Capital Management Inc. bought a new stake in Cummins during the 2nd quarter worth approximately $31,000. Institutional investors own 83.46% of the company’s stock.

Analyst Ratings Changes

CMI has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their price target on shares of Cummins from $600.00 to $725.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 6th. Citigroup boosted their price target on shares of Cummins from $710.00 to $770.00 and gave the stock a “buy” rating in a research note on Wednesday, May 6th. Weiss Ratings cut shares of Cummins from a “buy (b)” rating to a “buy (b-)” rating in a research note on Wednesday, May 6th. Barclays boosted their price target on shares of Cummins from $610.00 to $760.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 6th. Finally, Evercore reissued an “outperform” rating and issued a $845.00 price target on shares of Cummins in a research note on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Cummins currently has a consensus rating of “Moderate Buy” and an average target price of $726.14.

Cummins Price Performance

Shares of Cummins stock opened at $679.66 on Tuesday. Cummins Inc. has a 52-week low of $307.90 and a 52-week high of $718.08. The stock has a market capitalization of $93.79 billion, a price-to-earnings ratio of 35.27, a price-to-earnings-growth ratio of 1.61 and a beta of 1.24. The company has a fifty day moving average of $651.02 and a 200-day moving average of $585.26. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.11 and a current ratio of 1.71.

Cummins (NYSE:CMI) last announced its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.63 by $0.52. Cummins had a net margin of 7.89% and a return on equity of 25.25%. The company had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $8.37 billion. During the same quarter in the prior year, the company earned $5.96 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. Equities research analysts expect that Cummins Inc. will post 29.29 EPS for the current year.

Cummins Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Stockholders of record on Friday, May 22nd were paid a $2.00 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $8.00 dividend on an annualized basis and a dividend yield of 1.2%. Cummins’s dividend payout ratio is 41.52%.

Insider Buying and Selling

In other news, insider Brett Michael Merritt sold 701 shares of the company’s stock in a transaction on Monday, May 11th. The shares were sold at an average price of $688.75, for a total value of $482,813.75. Following the completion of the sale, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. This represents a 6.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Donald G. Jackson sold 730 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $710.92, for a total transaction of $518,971.60. Following the completion of the sale, the vice president directly owned 8,316 shares of the company’s stock, valued at $5,912,010.72. This trade represents a 8.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last ninety days. 0.30% of the stock is currently owned by insiders.

Cummins Company 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.