1,051 Shares in Cummins Inc. $CMI Purchased by Summit Global Investments

Summit Global Investments purchased a new position in shares of Cummins Inc. (NYSE:CMI) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 1,051 shares of the company’s stock, valued at approximately $565,000.

Other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Cummins by 10,317.7% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 2,458,475 shares of the company’s stock worth $1,254,929,000 after acquiring an additional 2,434,876 shares during the last quarter. Norges Bank acquired a new position in Cummins during the 4th quarter worth approximately $863,441,000. Boston Partners bought a new position in Cummins in the 3rd quarter valued at approximately $473,471,000. SG Americas Securities LLC boosted its position in Cummins by 257.9% in the first quarter. SG Americas Securities LLC now owns 736,670 shares of the company’s stock valued at $396,343,000 after buying an additional 530,812 shares in the last quarter. Finally, First Trust Advisors LP boosted its position in Cummins by 245.1% in the fourth quarter. First Trust Advisors LP now owns 542,796 shares of the company’s stock valued at $277,071,000 after buying an additional 385,525 shares in the last quarter. 83.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

CMI has been the topic of a number of research reports. Wells Fargo & Company boosted their price objective on Cummins from $794.00 to $874.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 17th. JPMorgan Chase & Co. increased their target price on Cummins from $600.00 to $725.00 and gave the company a “neutral” rating in a research report on Wednesday, May 6th. Citigroup lifted their price target on Cummins from $770.00 to $790.00 and gave the company a “buy” rating in a research note on Tuesday, July 14th. Argus boosted their price target on Cummins from $696.00 to $770.00 and gave the stock a “buy” rating in a report on Monday, June 1st. Finally, Evercore reiterated an “outperform” rating and issued a $845.00 price objective on shares of Cummins in a report on Monday, May 11th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $740.07.

Cummins Stock Down 0.0%

Shares of Cummins stock opened at $660.26 on Thursday. The stock’s 50-day moving average is $673.89 and its 200 day moving average is $617.96. Cummins Inc. has a one year low of $354.68 and a one year high of $737.76. The firm has a market cap of $91.11 billion, a price-to-earnings ratio of 34.26, a PEG ratio of 1.61 and a beta of 1.22. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.71 and a quick ratio of 1.11.

Cummins (NYSE:CMI) last released its quarterly earnings data on Tuesday, May 5th. The company reported $6.15 earnings per share for the quarter, beating the consensus estimate of $5.63 by $0.52. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $8.37 billion. Cummins had a net margin of 7.89% and a return on equity of 25.25%. Cummins’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.96 EPS. Equities research analysts anticipate that Cummins Inc. will post 29.39 EPS for the current year.

Cummins Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Friday, August 21st will be given a $2.20 dividend. This represents a $8.80 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Friday, August 21st. This is a positive change from Cummins’s previous quarterly dividend of $2.00. Cummins’s payout ratio is 41.52%.

Insiders Place Their Bets

In other news, VP Jennifer Mary Bush sold 5,000 shares of Cummins stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $696.21, for a total transaction of $3,481,050.00. Following the sale, the vice president directly owned 11,986 shares in the company, valued at $8,344,773.06. The trade was a 29.44% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Brett Michael Merritt sold 701 shares of the stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $688.75, for a total transaction of $482,813.75. Following the transaction, the insider owned 10,404 shares of the company’s stock, valued at approximately $7,165,755. The trade was a 6.31% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 13,579 shares of company stock worth $9,377,684 in the last 90 days. Company insiders own 0.30% of the company’s stock.

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.